Reliance Strategic Business Ventures Limited, a wholly owned subsidiary of Reliance Industries Limited has acquired stake in Strand Life Sciences for a cash consideration of Rs. 393 crore.
Reliance Strategic Business Ventures has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences Private Limited.
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.