Mukesh Ambani led Reliance Industries Limited (RIL)'s subsidiary Reliance Strategic Business Ventures will be acquiring a majority stake in Strand Life Sciences at an initial cost of Rs 393 crore, Economic Times.
Furthermore, the company will also be investing Rs 160 crore into Strand Life Sciences by March 2023.
The RIL Arm will buy 2,28,42,654 equity shares of Strand Life Sciences for a cash consideration of Rs. 393 crore.
After the acquisition, RIL's aforementioned subsidiary will hold around 80.3 per cent stake in the company on a fully diluted basis.
In an exchange filing, RIL said, "The aforesaid investment is part of group’s digital health initiatives, to foster affordable access to world-class technology and innovation-led healthcare ecosystem in India."
It should also be noted that the acquisition required no governmental or regulatory approvals.
Before this, last year, RIL had through its retail arm also acquired online medicines ordering and delivery startup Netmeds.