Reliance Strategic Business Ventures (RSBVL), a subsidiary of Reliance Industries, has bought 57.06 per cent stake in Strand Life Sciences for Rs 393 crore. The company will further increase its stake in it by March 2023. For this she will spend Rs 160 crore. In this way, Reliance Strategic Business Ventures will invest a total of Rs 553 crore in this. After this, its stake in Strand Life Sciences will increase to 80.3 percent.
Purchase of 2.28 crore equity shares
Reliance Strategic Business Ventures Limited has bought 2.28 crore equity shares of Strand Life Sciences. In this way its share in it had increased to 57 percent. In view of increasing the penetration of Reliance in the digital healthcare sector, there has been a buy in the shares of the company. Strand Life Sciences was started in 2000. This company does business in genome testing, bioinformatics software. It also provides its services to clinics, hospitals, medical device manufacturers and pharmaceutical companies.
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The acquisition is part of Reliance’s Digital Health Initiative
In the financial year 2020-21, the company had achieved a net profit of 8.48 crores. The turnover of the company was Rs 88.70 crore. Reliance’s purchase of Strand life Sciences is part of its strategy to increase activities in its digital health initiative. The company has bought stake in Netmeds, Karexpert Qj c-Square.
In September last year, Reliance had bought 60 per cent stake in online pharmacy Netmeds for Rs 620 crore. The company wants to enter e-pharmacy and increase the penetration of Reliance Retail in e-pharmacy. In the first quarter of the current financial year, Reliance was running 114 pharmacies. Along with this, it has also started a pilot project of hyper local delivery in Bengaluru. The company is also doing door-to-door marketing to increase its presence in digital healthcare. Along with this, health camps are also being organized. The company is emphasizing on fast delivery so that it can compete with the competitors in the market.