"RSBVL, a wholly owned a subsidiary of Reliance Industries Limited (RIL), has acquired 2.28 crore equity shares of Rs 10 each of
Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore
only," it said.
A further investment of up to Rs 160 crore is expected to be
completed by March 2023.
"The total investment will translate into about 80.3 per
cent 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 to healthcare providers, including clinicians, hospitals,
medical devices manufacturers and pharmaceutical companies.
Strand's turnover was Rs 88.70 crore, Rs 109.84 crore and Rs
96.60 crore in FY2021, FY2020 and FY 2019, respectively. It reported a net
profit of Rs 8.48 crore in FY2021 but had a loss of Rs 25.04 crore in the prior
fiscal year and Rs 21.66 crore in FY2019.
"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," Reliance said adding no
governmental or regulatory approvals were required for the said investment.
The investment, it said, does not fall within related party
transactions and none of RIL's promoter/promoter group/group companies have
any interest in the transaction. PTI ANZ MKJ
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