Reliance Industries arm acquires 2.28 cr shares of Strand Life Sciences for Rs 393 crore

Reliance Strategic Business Ventures Limited  (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited, has acquired 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences Private Limited for Rs 393 crore. The company will make another investment worth Rs 160 crore by March 2023.

The total investment, thus, will translate into 80.3 per cent of equity share capital in Strand Life Sciences on a fully diluted basis. Incorporated in India on October 6, 2000, Strand 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 stood at Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore in FY21, FY20 and FY19, respectively. The company recorded a net loss of Rs 8.48 crore, Rs 25.04 crore and Rs 21.66 crore in FY21, FY20 and FY19, respectively.

Also Read: Mukesh Ambani's Rs 75,000 cr solar power plan to challenge Adani, Tata

The latest investment by RSBVL is part of the group's digital health initiatives to foster affordable access to world-class technology and an innovation-led healthcare ecosystem in India.

Reliance Strategic Business Ventures said no governmental or regulatory approvals were required for the said investment, which does not fall within related party transactions. None of RIL's promoter or promoter group or group firms has any interest in the transaction, the company clarified.

The RIL share today closed at Rs 2,389.65, Rs 95.25 or 4.15 per cent up, compared to the previous session close of Rs 2,294.4 on the NSE.

Also read: RIL to target 100 GW renewable energy, bring hydrogen cost below $1 per kg, says Mukesh Ambani

Also Read: Mukesh Ambani's next big disruption to be solar! 5,000-acre Dhirubhai Ambani complex in works