Reliance Industries (RIL), leading private sector enterprise with businesses in the energy and materials value chain, announced that its wholly owned subsidiary Reliance Strategic Business Ventures (RSBVL), has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences (Strand) for a cash consideration of Rs 3,930 million only.

A further investment of up to Rs 1,600 million is expected to be completed by March, 2023. The total investment will translate into ~80.3% of equity share capital in Strand on a fully diluted basis.Strand was incorporated in India on October 6, 2000.

Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.

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.

Shares of the company gained Rs 56.75, or 2.38%, to trade at  Rs 2,445.  The total volume of shares traded  was 406,780 at the BSE (11.40 a.m., Monday).