Mumbai: Reliance Industries Limited through its wholly-owned subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority equity stake in Vitalic Health Pvt. Ltd. and its subsidiaries (collectively called Netmeds) for about Rs 620 crore in cash, valuing the company at nearly Rs 1,034 crore in the transaction.
According to a press statement by Reliance, the investment represents 60% holding in the equity share capital of Vitalic Health and 100% direct equity ownership of its subsidiaries including Tresara Health Private Limited, Netmeds Marketplace Limited and Dadha Pharma Distribution Pvt Limited.
The synergy between Reliance Retail and Netmeds was initiated in April when the latter started fulfilling orders through JioMart.
