Reliance Industries to take 80% stake in Strand Life Sciences for Rs 553cr
Reliance Industries said that its fully-owned subsidiary — Reliance Strategic Business Ventures Limited (RSBVL) has acquired over 22.8 shares of INR 10 each of Strand Life Sciences for INR 393 crores.
HealthCare Global Enterprises had separately announced that it has divested its stake of 38.5% in Strand Lifesciences to the Reliance Industries company for INR 157 crores.
Reliance Strategic Business Ventures will make an additional investment in Strand Life Sciences of up to INR 160 crores, which is anticipated to be completed by March 2023. The total investment by the Reliance Industries subsidiary will convert into 80.3% of stake in Strand Life Sciences.
Established in 2000, Strand Life Sciences is a provider of genomic testing in India. The company provides bioinformatics software and clinical research solutions to healthcare providers such as hospitals, medical devices manufacturers, clinicians, and pharma companies.
Reliance Industries said that the investment is part of its digital health initiatives, aimed at fostering affordable access to world class technology as well as innovation led healthcare ecosystem in India.
The conglomerate said that no governmental or regulatory approvals are needed for the said equity investment.