Search
RIL arm buys stake in Strand Life Sciences
September 06, 2021
Reliance Industries Ltd on Friday said its subsidiary has acquired larger part stake in genomic testing frim Strand Life Sciences Pvt Ltd for ₹393 crore.
The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is essential for Reliance’s digital health initiatives, the firm said in a stock exchange filing.
“RSBVL, a completely owned subsidiary of Reliance Industries Limited (RIL), has obtained 2.28 crore value portions of ₹10 every one of Strand Life Sciences Private Limited for a money thought of ₹393 crore in particular,” it said.
A further investment of up to ₹160 crore is relied upon to be completed by March, 2023.
“The total investment will translate into about 80.3 percent of equity share capital in Strand on a fully diluted basis,” it said.
Strand was incorporated in India on October 6, 2000. It is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions for healthcare providers, including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.
Important Links:
- Professional Diploma in Banking and Financial Services: https://tscfm.org/courses/professional-diploma-in-banking-and-financial-services/
- Post Graduate Diploma in Management (PGDM): https://tscfm.org/courses/3-in-1-management-program/