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Reliance Industries Ltd said on Sunday it has bought a 96% stake in online furniture retailer Urban Ladder for 1821.2 million rupees ($24.4 million), furthering its attempt to expand its presence in India`s online retail market.

The Indian conglomerate is expanding its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc`s Flipkart and Amazon.com Inc`s Indian arm.

"The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group," Reliance said in a filing to exchanges on Sunday.

Reliance Retail Ventures Limited, a unit of Reliance Industries, has an option of buying the remaining stake, the company said, adding that it intends to invest a further 750 million rupees by December 2023.

Reliance Industries, controlled by Asia`s richest man, Mukesh Ambani, is lining up investors in its retail unit after the conglomerate raised over $20 billion this year from global investors, including Facebook Inc, by selling stakes in its Jio Platforms digital business.

Reliance Industries Ltd said on Sunday it has bought a 96% stake in online furniture retailer Urban Ladder for 1821.2 million rupees ($24.4 million), furthering its attempt to expand its presence in India`s online retail market.

Reliance Industries Ltd said on Sunday it has bought a 96% stake in online furniture retailer Urban Ladder for 1821.2 million rupees ($24.4 million), furthering its attempt to expand its presence in India`s online retail market. The Indian conglomerate is expanding its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc`s Flipkart and Amazon.com Inc`s Indian arm. "The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group," Reliance said in a filing to exchanges on Sunday. Reliance Retail Ventures Limited, a unit of Reliance Industries, has an option of buying the remaining stake, the company said, adding that it intends to invest a further 750 million rupees by December 2023. Reliance Industries, controlled by Asia`s richest man, Mukesh Ambani, is lining up investors in its retail unit after the conglomerate raised over $20 billion this year from global investors, including Facebook Inc, by selling stakes in its Jio Platforms digital business.

Reliance buys majority stake in furniture retailer Urban Ladder

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