Mukesh Ambani raises stake in Reliance Industries to 48.87 pc
Billionaire Mukesh Ambani has raised the promoter stake in flagship Reliance Industries by 2.71 percent to 48.87 per cent, according to regulatory filing by the company.
Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares or 2.71 percent stake in Reliance on September 13, it said.
The acquisition was pursuant to a scheme of arrangement not directly involving Reliance, the filing said without giving details.
Ambani and his private firms held 47.29 percent stake as on June 30, 2019 in India's second-most valuable company.
As on June 30, FIIs held 24.4 percent stake in the firm, mutual funds had 4.56 percent and insurance companies 7.1 percent. The remaining share was with public.
Earlier in July, Reliance had announced a composite scheme of amalgamation by merging Reliance Holding USA into Reliance Energy Generation and Distribution and the latter with the company itself.
Recently, Reliance Industries’ retail subsidiary Reliance Retail, which pegs the number of kirana stores in India at more than seven million, said it is readying a technology platform to bring small retailers into its fold as part of its "new commerce" plan. At present, Reliance Retail's revenue is Rs 130,000 crore - the largest retailer in India so far.
The Indian conglomerate plans to use AI, machine learning, Blockchain, and cloud computing to help kirana stores become competitive. With this move, it will gain data of 900 million Indians, which will help it become a full-stack data company. Not only will it have B2C consumption data, but it will also have B2B data from kiranas and Jio. YourStory reported this first on May 6.
Reliance Retail has data of 350 million Indian shoppers. With Jio, it has accumulated data of 300 million telecom consumers. Now, with this "New Commerce" move, Chairman Mukesh Ambani announced a gargantuan plan at the 42nd Annual General Meeting (AGM) of Reliance Industries to go after data, and at the centre of it is a data-based architecture.