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Strand Life Sciences 80 percent stake acquired by Reliance arm

Ruchika SharmaWritten by Ruchika Sharma Published On 2021-09-05T10:45:01+05:30  |  Updated On 5 Sept 2021 10:45 AM IST
Strand Life Sciences 80 percent stake acquired by Reliance arm
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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.
Read also: COVID-19: Reliance seeks Govt nod to import JnJ vaccine for its workforce in India
"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.
Read also: Reliance Life Sciences gets DCGI approval for COVID vaccine trial



Reliance Strategic Business Venturesreliancestrand life sciences#acquisition
Source : ANI
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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