Reliance Industries to acquire 87.6% stake in Fynd for Rs 295 crore

NEW DELHI: Reliance Industries Ltd (RIL) will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for Rs 295 crore ($42.33 million), it said in a statement.nnThe company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to Rs 100 crore by December 2021 in Fynd, a software technology company formed in September 2012.nnReliance Industries already runs retail stores and has announced plans to diversify into e-commerce.nnFynd provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms.nnAmazon.com Inc is in talks with Reliance’s retail unit to buy a stake in its retail business, two sources with knowledge of the talks told Reuters on Friday.nnSourceReuters