Reliance bought majority stake in Netmeds for $83 million

Vastavam web: India’s Reliance Industries Ltd has bought a majority stake in online pharmacy Netmeds for 6.2 billion rupees ($83 million), facing up to Amazon.com in the competition for the country’s fast-expanding online drug market. The deal will give the oil-to-telecoms conglomerate a 60% stake in Netmeds, which sells both over-the-counter medication and more than 70,000 prescriptions drugs, Reliance said here late on Tuesday. Reliance, India’s most valuable company, has raised more than $20 billion in recent months by selling stakes in its digital arm, Jio Platforms. Netmeds gives it a foothold in a sector that is forecast to grow to 250 billion rupees by 2022, according to consultancy Frost & Sullivan.

Spource: Reuters