RIL acquires majority stake in Netmeds for ₹ 620 crore

Netmeds

Highlights :

RIL acquires majority stake in Netmeds for ₹620 crore
It represents around 60% holding in the equity share capital of Vitalic & 100% direct equity ownership of its subsidiaries
Ahead of announcement, RIL shares closed at 1.31% higher

Reliance Industries Limited on Tuesday announced that it's retail unit has acquired a majority stake in online pharma company Netmeds for around ₹620 crore.

This investment represents around 60% holding in the equity share capital of Vitalic & 100% direct equity ownership of its subsidiaries, viz Tresara Health Private Limited, Netmeds Market Private Limited and Dadha Pharma Distribution Private Limited.

While Amazon launched its 'Amazon Pharmacy' in Bangaluru last week, a report suggests that Walmart-owned Flipkart is also looking to foray in the space.

Ahead of announcement, RIL shares closed at 1.31% higher at ₹2,118.75.

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