The Reliance Industries Limited (RIL) wholly-owned subsidiary, Reliance Strategic Business Ventures Ltd (RSBVL) has acquired over 2.28 crore equities in Strand Life Sciences Pvt Ltd for rupees 393 crore.
The firm said that a investment of more rupees 160 crore is anticipated to be completed by March 2023.
The whole investment will be converted into 80.3 percent of stake capital in Strand on a fully-diluted basis.
The Reliance Industries Ltd filing said, "The investment is part of the group's digital health initiative to foster affordable access to world class technology and innovation-led healthcare ecosystem in India."
Strand Life Sciences was incorporated in India on October 6 in the year 2000.
The firm is a pioneer of genomic testing in the country with bioinformatics software and clinical research solutions to healthcare providers like clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.
Strand Life Sciences turnover in FY 2021 was firm at rupees 88.70 crore, rupees 109.84 crore and rupees 96.60 crore in FY 2020 and FY 2019, respectively.