Saturday, May 21st, 2022

Reliance Strategic Business Ventures, a branch of Reliance Industries, acquires 80% stake in Strand Life Sciences

The market valuation of Reliance Industries is above Rs 15 lakh crore today. Reliance Strategic Business Ventures Limited, a wholly owned subsidiary of billionaire Mukesh Ambani-led Reliance Industries, has acquired a majority stake of around 80 per cent in silico technology company – Strand Life Sciences Private Limited for Rs 393 crore.

According to a regulatory filing by Reliance Industries to the stock exchanges on Friday, September 3, the multinational conglomerate arm acquired 2.28 crore equity shares of Rs 10 each of Strand Life Sciences Pvt Ltd.

According to the statement, for the acquisition, a further investment of Rs 160 crore is expected to be completed by March 2023 and the total investment will translate into 80.3 per cent of the equity share capital in Strand Life Sciences on a fully diluted basis.

Established in 2000, Strand Life Sciences is a leader in genomic testing in India with bioinformatics software and clinical research solutions for hospitals, physicians, manufacturers of medical devices as well as healthcare providers including pharmaceutical companies. The turnover of the company in the financial year 2020-21 was Rs 88.70 crore.

On Friday, shares of Reliance Industries closed at Rs 2,388.25, up 4.12 per cent on the BSE. Reliance opened at Rs 2,307.50 on the BSE in the entire trading session today, hitting an intraday high of Rs 2,394.30 and an intraday low of Rs 2,306.80.

Reliance shares rose over four per cent during the trading session, a day after the company’s retail venture – Reliance Retail acquired a controlling stake in search engine platform Just Dial.

The market valuation of the country’s most valuable company crossed Rs 15 lakh crore with today’s price jump.