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Reliance bought Strand Life Sciences for Rs 393 crore

Reliance bought Strand Life Sciences for Rs 393 crore
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Reliance bought Strand Life Sciences for Rs 393 crore

Reliance bought Strand Life Sciences for Rs 393 crore

New Delhi, September 3 (Language) Reliance Industries Ltd. Friday said its subsidiary has acquired genomic testing company Strand Life Sciences Pvt Ltd. Purchased majority stake for Rs 393 crore.

Reliance Industries told the stock exchange that Reliance Strategic Business Ventures Ltd. (RSBVL) is part of Reliance’s Digital Health Initiative.

It said, “RSBVL is a wholly owned company of Reliance Industries Ltd. RSBVL Strand Life Sciences Pvt Ltd bought 2.28 crore equity shares of Rs 10 each for Rs 393 crore. The next investment of Rs 160 crore is expected to be completed by March 2023.”

Reliance said, “Approximately 80.3 per cent of the total investment in Strand Life Sciences will be fully translated into equity share capital.”

Strand Life Science came into existence in India on October 6, 2020. It is a leader in genomic testing in India with bioinformatics software.

The company had a turnover of Rs 88.70 crore in FY 2021, Rs 109.84 crore in FY 2020 and Rs 96.60 crore in FY 2019.

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