India: Reliance Industries buys 80.3% equity stake in Strand Life Sciences for $54m

Photo: Brano / Unsplash

Reliance Industries Limited (RIL) on Friday announced that it has acquired stake in Strand Life Sciences for 393 crores. “Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries Limited, has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences Private Limited (Strand) for a cash consideration of 393 crores only,” it said in a filing.

A further investment of up to 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.

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