Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries (RIL), has acquired a 57.06% stake in Strand Life Sciences for Rs 393 crore in cash.
The company would also make a further investment of up to Rs 160 crore by March 2023, increasing its total investment to Rs 553 crore. Following this, the company’s stake will rise to about 80.3%, it said in a BSE filing.
The company acquired the 57% stake by buying 2.28 crore shares of Strand Life Sciences. The investment is part of RIL’s digital health initiatives and to foster affordable access to world-class technology and innovation led healthcare ecosystem in India, it said.
Set up in October 2000, Strand is into genomic testing with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies. Strand Life Sciences had posted a net profit of Rs 8.48 crore on a turnover of Rs 88.70 crore for FY21.