RIL’s arm buys controlling stake in Strand Life Sciences

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Ref: The Economic Times

Published: 09/03/2021

Reliance Industries (RIL) subsidiary Reliance Biz Ventures has acquired a majority stake in Strand Life Sciences for INR 393 crore, as reported The Economic Times on Friday.
Reliance Strategic Business Ventures will also invest an additional INR 160 crore in the life sciences company by March 2023, according to an exchange filing.
Post the acquisition, RIL's subsidiary will hold around 80.3% 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.