RIL gains 0.8% on reports of deal talk with Glance

NEW DELHI: Shares of Industries gained 0.8% in Mumbai early trading on Tuesday as multiple sources told ET that the company was discussing an investment of between $200 million and $250 million in InMobi’s lock screen content platform Glance.

At 09:45 IST, RIL’s shares traded at Rs 2,544.95, up Rs 20.5 or 0.81% on the National Stock Exchange.

Glance is currently backed by Google — a partner of RIL– and the investment plan could give Mukesh Ambani’s company access to the lock screen content of Glance for the soon-to-be-released Google Jio smartphone.

A large minority shareholding in Glance could aid RIL’s focus on increased monetisation by strengthening its presence in the social commerce space.

The discussions between InMobi and RIL are in early stages at present, the sources told ET, adding that the latter could take up 15-20% in Glance.

Last year, Google invested $4.5 billion in Jio Platforms. This is part of a plan by Google to invest $10 billion in the country over the next few years.

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