To solidify digital dominance with a diversified portfolio, Mukesh Ambani led Reliance Industries Limited is in advanced talks to acquire a majority stake in online pharmacy company Netmeds.
As per a report by TOI, Reliance is looking to invest around $130 Million-$150 Million to acquire a majority stake in Netmeds.
Both Reliance and Netmeds neither confirmed nor denied this acquisition news.
Reliance’s spokesperson refused to comment on the report and said that it will inform exchanges as required by SEBI.
“As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis.”
Talking about the same, Pradeep Dadha (Netmeds Founder) said,
”It would not be productive to comment on media speculations at this stage.”
Founded by Pradeep Dadha Netmeds generates 90% of its revenue from prescription medications and over-the-counter drugs. And if this deal happens, it will help Netmeds to expand operations.