Reliance Industries Limited (RIL) on Friday announced that it has acquired a stake in Strand Life Sciences for Rs 393 crores.

Reliance Strategic Business Ventures Limited (RSBVL), which is a wholly-owned subsidiary of Reliance Industries Limited (RIL) has acquired 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences Private Limited.

A further investment of up to Rs 160 crore is expected to be completed by March 2023, RIL said in a regulatory filing and added that the total investment will translate into 80.3 percent of equity share capital in Strand on a fully diluted basis.

Strand’s turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore, and net profit (loss) of Rs 8.48 crore, Rs (25.04) crore and Rs (21.66) crore in FY 2021, FY 2020 and FY 2019 respectively.

“The aforesaid investment is part of group’s digital health initiatives, to foster affordable access to world class technology and innovation-led healthcare ecosystem in India,” RIL said in a statement on Friday.

RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. The company reported a 7.3% fall in consolidated net profit to Rs 12,273 crore on a 58.6% rise in net sales to Rs 1,39,949 crore in Q1 FY22 over Q1 FY21.

No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL’s promoter/promoter group/group companies have any interest in the transaction.

On Friday, shares of RIL jumped 4.12% to close at Rs 2,388.25 on the BSE. The stock hit a record high of Rs 2394.30 in Friday’s trade today.