RIL’s arm buys controlling stake in Strand Life Sciences

MUMBAI: Reliance Industries’ subsidiary Reliance Biz Ventures has acquired a majority stake in Strand Life Sciences for an initial cost of Rs. 393 crore, the company said in an exchange filing.

RIL’s arm, Reliance Strategic Business Ventures will buy 2,28,42,654 equity shares of Strand Life Sciences for a cash consideration of Rs. 393 crore. The company will also invest an additional Rs. 160 crore in the life sciences company by March 2023, the filing said.

Post the acquisition,

‘s subsidiary will hold around 80.3 per cent stake in Strand Life Sciences on a fully diluted basis.

“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,” RIL said.

RIL said that the acquisition required no governmental or regulatory approvals.

Today, shares of RIL ended 4.2 per cent higher at Rs. 2,389.65 on the National Stock Exchange.

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