Reliance Industries shares gained more than 1 per cent on the BSE after its subsidiary Reliance Retail acquired majority stake in online pharmacy Netmeds for around Rs 620 crore. The shares touched an intra-day high of Rs 2,150, up 1.4 per cent, at opening bell on the back of the news development. At 9:20 am, the Reliance Industries shares were trading at Rs 2,141.65, up Rs 23 or 1.08 per cent, on the BSE.
Reliance Industries announced that its subsidiary Reliance Retail Ventures Limited (RRVL) acquired a majority stake in the Chennai-based Vitalic Health Pvt. Ltd. and its subsidiaries (collectively known as 'Netmeds') for Rs 620 crore. The investment represents 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries, including Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited.
Ms Isha Ambani, Director, Reliance Retail Ventures said the investment into Netmeds is aimed at providing digital access for everyone in India. "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."
Netmeds delivers medicines, and provides doctor bookings and diagnostics through its website and mobile app.
Reliance Retail's foray into online pharmacy space comes days after Amazon India Amazon India rolled out its e-pharmacy service in Bengaluru and announced plans to conduct pilots in other cities.
The BSE Sensex was trading higher by 222 points or 0.5 per centy at 38,738.75 and the NSE Nifty had gained 61 points or 0.5 per cent at 11,447.05 at the time.