Reliance Industries (RIL) announced that its subsidiary Reliance Retail Ventures (RRVL) has acquired a majority equity stake in Vitalic Health (Vitalic) and its subsidiaries (collectively known as 'Netmeds') for approximately Rs 620 crore.
This investment represents 60% holding in the equity share capital of Vitalic and 100% direct equity ownership of its subsidiaries, viz: Tresara Health, Netmeds Market Place and Dadha Pharma Distribution.
The announcement was made after market hours yesterday, 18 August 2020. Shares of RIL rose 1.31% to settle at Rs 2,118.75 yesterday.
Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution, sales, and business support services. Its subsidiary also runs an online pharmacy platform - Netmeds - to connect customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products.
Speaking on this strategic investment, Isha Ambani, Director, RRVL, said, the addition of Netmeds enhances Reliance Retail's ability to provide good quality and affordable health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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