Reliance Retail Ventures Limited, a subsidiary of Reliance Industries Limited has acquired equity shares of Vitalic Health Pvt. Ltd. and its subsidiaries for a cash consideration of INR 620 crores. The said investment represents 60% holding in the equity share capital of Vitalic and direct 100% equity ownership of its subsidiaries, viz: Tresara Health Private Limited, Netmeds Marketplace Limited and Dadha Pharma Distribution Pvt Limited.
Reliance Retail will further acquire equity stake in Vitalic, through a mix of secondary purchase and primary investment, for at least 80% stake by April 2024, with an option to increase to 100% ownership.
Vitalic is an early stage company, with a consolidated turnover of INR 221.02 crore, INR 304.74 crore and INR 184.23 crore, and Net Profit (Loss) of INR (184.35) crore, INR (192.95) crore and INR (74.69) crore in FY 2020, FY 2019 and FY 2018 respectively.
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