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Reliance Retail acquires majority stake in Netmeds for Rs 620 crore

This investment represents 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries

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RIL's acquisition comes at a time when arch rival Amazon has just started selling pharmaceutical products in Bangalore markets

BS Reporter

3 min read Last Updated : Aug 19 2020 | 1:11 AM IST

The online pharmacy space is set to become a hotly contested segment with Reliance Industries (RIL) now throwing its hat into the ring. The Mukesh Ambani-owned conglomerate on Tuesday announced acquisition of a majority equity stake in Chennai-based online pharmacy delivery startup Netmeds (Vitalic Health Pvt. Ltd) for a cash consideration of approximately Rs 620 crore.

This investment represents 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries - Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt. Limited, a late evening statement by RIL

Topics : Mukesh Ambani Reliance Retail Netmeds

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