Reliance acquires majority stake in Strand Life Sciences for Rs. 393 crore

New Delhi: Reliance Industries has said that its subsidiary has acquired majority stake in Strand Life Sciences. The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is part of Reliance’s digital health intiatives, the company said in a stock exchange filing.

RSBVL has acquired 2.28 crore equity shares of ₹10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore. The total investment will translate into about 80.3 per cent of equity share capital in Strand on a fully diluted basis.

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% of equity share capital in Strand on a fully diluted basis.

Strand was incorporated in India on October 6, 2000. Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.

Strand’s turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore, and Net Profit (Loss) of Rs 8.48 crore, Rs (25.04) crore and Rs (21.66) crore in FY 2021, FY 2020 and FY 2019 respectively.

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.