Categories: Business

RIL buys majority stake in Netmeds


RIL buys majority stake in Netmeds

new Delhi. Reliance Industries today announced that it has acquired a majority stake in NetMeds for Rs 620 crore through its subsidiary Reliance Retail Venture Limited. Reliance Industries will get around 60 per cent in Vitalic as an investment. At the same time, it will get 100 percent stake in its subsidiary. VItalic and their subsidiaries together are known as Netmeds.

Vitalic and its subsidiary companies formed in 2015 are involved in pharma distribution, sales and business support services. Their subsidiaries also operate the online pharma platform Netmeds. With the help of this platform, medicines and health related products are delivered to the people at their homes.

After the investment, Isha Ambani, director of Reliance Retail Ventures Limited, said that these investments are in accordance with our promise to provide digital facilities to all the people of India. With the addition of Netmeds, Reliance Retail will have the ability to deliver better quality and affordable products related to health. After the deal, Netmaids founder and CEO Pradeep Dadha said that Netmendes is proud to be associated with the Reliance family. Together, we will be able to deliver affordable and better health products to Indians.

This post was published on August 19, 2020 12:46 am

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