Strand Life Sciences 80 percent stake acquired by Reliance arm
Mumbai: Reliance Strategic Business Ventures Ltd (RSBVL) said on Friday it has acquired 2.28 crore equity shares of Rs 10 each of Strand Life Sciences Pvt Ltd for a cash consideration of Rs 393 crore.
A further investment of up to Rs 160 crore is expected to be completed by March, 2023. The total investment will translate into 80.3 per cent of equity share capital in Strand on a fully diluted basis, said the subsidiary of Reliance Industries Ltd.
Strand was incorporated in India on October 6, 2000. It is a pioneer of genomic testing with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.
"The investment is part of group's digital health initiatives to foster affordable access to world-class technology and innovation-led healthcare ecosystem in India," said RSBVL in a statement.
Strand's turnover was Rs 88.7 crore, Rs 109.84 crore and Rs 96.6 crore in FY 2021, FY 2020 and FY 2019 respectively. The net profit (loss) was Rs 8.48 crore, Rs (25.04) crore and Rs (21.66) crore.
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