CURRENT AFFAIRS

Detailed explanation-1: -MUMBAI|BENGALURU: Reliance Industries said on Tuesday that its subsidiary Reliance Retail Ventures has acquired a majority equity stake in Netmeds’ parent Vitalic for approximately Rs 620 crore giving the Mukesh Ambani-led group a 60% stake in the Chennai-based company.

Detailed explanation-2: -Reliance Retail’s acquisition of a majority stake in digital pharma marketplace Netmeds for ₹620 crore in cash is significant for a few reasons. One, it seems part of a larger acquisitions-driven growth strategy unfolding in Reliance Industries’ (RIL) retail segment.

Detailed explanation-3: -Netmeds is a subsidiary of Dadha & Company, one of India’s most trusted pharmacy brands possessing over 100 years of experience in dispensing quality medicines. Pradeep Dadha founded the company in 2010, and it is headquartered in Chennai, Tamil Nadu. Netmeds’ parent company is Reliance Industries.

Detailed explanation-4: -Tata’s 1MG acquisition announcement comes after last year in August 2020, Reliance Industries through its retail subsidiary had acquired majority equity stake in online pharmacy Netmeds’ parent company Vitalic for approximately ₹620 crore.

Detailed explanation-5: -Reliance-Netmeds Deal With the deal, RRVL (Reliance Retail Ventures Limited ), which is a subsidiary of Reliance Industries Limited, acquired a 60 percent stake in Vitalic Health Pvt. Ltd and 100 percent direct equity ownership on its subsidiaries, including Netmeds.