Reliance Industries Ltd on Friday mentioned its subsidiary has acquired a majority stake in genomic testing from Strand Life Sciences Pvt Ltd for Rs 393 crore. The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is a part of Reliance’s digital well being initiatives, the agency mentioned in a inventory change submitting. 

“RSBVL, a wholly-owned subsidiary of Reliance Industries Limited (RIL), has acquired 2.28 crore equity shares of Rs 10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore only,” it mentioned. An extra funding of as much as Rs 160 crore is anticipated to be accomplished by March 2023.

“The total investment will translate into about 80.3 per cent of equity share capital in Strand on a fully diluted basis,” it mentioned. Strand was integrated in India on October 6, 2000. It is a pioneer of genomic testing in India with bioinformatics software program and medical analysis options to healthcare suppliers, together with clinicians, hospitals, medical units producers and pharmaceutical corporations.

Strand’s turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore in FY2021, FY2020 and FY 2019, respectively. It reported a internet revenue of Rs 8.48 crore in FY2021 however had a lack of Rs 25.04 crore within the prior fiscal 12 months and Rs 21.66 crore in FY2019. “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,” Reliance mentioned including no governmental or regulatory approvals had been required for the mentioned funding. 

The funding, it mentioned, doesn’t fall inside associated get together transactions and none of RIL’s promoter/promoter group/group corporations has any curiosity within the transaction. 

(PTI)