Reliance Industrial Investments and Holdings Limited ('RIIHL'), a wholly-owned subsidiary of Reliance Industries Limited ('RIL' or the 'Company') has entered into agreement for acquisition of equity shares of Surajya Services Private Limited ('Easygov') for a cash consideration not exceeding INR 18,00,00,000/- (Indian Rupees Eighteen crore only). RIIHL will further invest an amount not exceeding INR 50,00,00,000/- (Indian Rupees Fifty crore only). The said investment upon completion will translate into 76% equity stake in Easygov on a fully diluted basis. The total investment is likely to be completed by March 2021.
Easygov is a software service and data solutions company incorporated on 19th May 2015. Easygov is focused on citizen centric software solutions and services that help in improving convenience to people in accessing and digitally applying for Government to Citizen (G2C) schemes and services.
Easygov is an early stage company with turnover of INR 47.60 lakh, INR 16.91 lakh and INR 0.63 lakh and Net Profit (Loss) of INR (83.09) lakh, INR (29.49) lakh and INR (12.88) lakh in FY 2018, FY 2017 and FY 2016 respectively.