India-based diversified conglomerate Reliance Capital plans to sell its 16% stake in India-based online travel agency Yatra.com for $80m, Press Trust of India reported on Wednesday.
Reliance has reportedly entered talks with two or three international investors, which as yet remain undisclosed, and hopes to complete the transaction within the next six weeks.
The sale would value Yatra at $500m, representing a 12-fold increase in size since Reliance acquired the stake for Rs400m ($6.4m) in 2006.
Yatra has raised $125m from investors including Intel Capital, the corporate venturing arm of semiconductor manufacturing company Intel, IDG Ventures India, an affiliate of media and events company IDG, Norwest Venture Partners, TV18 Group, Valiant Capital and Vertex Venture Holdings.
Reliance also holds a majority stake in TV18, a media company best known for overseeing US-based NBC Universal’s properties in India.
Reliance is in the process of selling off its minority investments in order to focus on its core business, having also recently exited day-to-day operations of its film and media services business by merging it with digital technology company Prime Focus.