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RIL Gains 7% On Reports Of Netmeds Deal

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Reliance Industries Limited (RIL) was among the top gainers on BSE and NSE on Tuesday as shares rose nearly 7 percent to Rs 2,150 amid reports that the conglomerate will acquire Chennai-based Netmeds as part of its entry into the pharma e-commerce industry.

An Economic Times report said that RIL's yet-to-be-announced deal with Netmeds is expected to be around $120 million. The deal will reportedly be a catalyst for other players such as PharmEasy and Medlife to explore merger and acquisition negotiations, the report said.

RIL Gains 7% On Reports Of Netmeds Deal
 

Mumbai's PharmEasy - backed by Temasek, CDPQ and Orios Venture Partners - could acquire its Bengaluru-based rival Medlife, in a primarily stock deal valued at $120-150 million, sources of ET said. If the merger goes through, multiple global financial investors, including US private equity firm TPG, could also invest in the combined entity.

Additionally, 1mg is also believed to have held exploratory talks with PharmEasy for a potential acquisition, to raise funds.

This will be the second major move by Reliance Industries in the pharma sector after it acquired 82 percent in Bengaluru-based C-Square Info Solutions last year for Rs 82 crore. C-Square makes software for distributors, retailers and sales force in the pharma industry. Clients of the company include Apollo Pharmacy and Adcock Ingram.

Story first published: Tuesday, August 4, 2020, 15:28 [IST]
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