MUMBAI (dpa-AFX) - Billionaire Mukesh Ambani's Reliance Industries Limited announced that its unit Reliance Retail Ventures Limited or RRVL has acquired equity shares of Vitalic Health Pvt. Ltd. and its subsidiaries for a cash consideration of 6.2 billion Indian Rupees.
The investment represents about 60 percent holding in the equity share capital of Vitalic and direct 100 percent equity ownership of its subsidiaries, such as Tresara Health Private Limited, Netmeds Marketplace Limited and Dadha Pharma Distribution Pvt Limited.
RRVL will further acquire equity stake in Vitalic, through a mix of secondary purchase and primary investment, for at least 80 percent stake by April 2024, with an option to increase to 100 percent ownership.
India-based Vitalic is an early stage company in the business of pharma distribution and sales, and business support services. Its subsidiary also runs an online pharmacy platform - Netmeds - to connect customers to pharmacists and enable doorstep delivery of medicines, nutritional health and wellness products.
Copyright RTT News/dpa-AFX
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