Strand Life Sciences 80 percent stake acquired by Reliance arm

Published On 2021-09-05 05:15 GMT   |   Update On 2021-09-05 05:15 GMT
Advertisement

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.
Advertisement
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.



Tags:    
Article Source : ANI

Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.

NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.

Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .

Similar News