Mumbai, Sep 3 (IANS): Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries (RIL), has acquired over 2.28 crore equity shares stake in Strand Life Sciences Pvt Ltd for Rs 393 crore.

A further investment of up to Rs 160 crore is expected to be completed by March 2023, it said.

The total investment will translate into 80.3 per cent of equity share capital in Strand on a fully-diluted basis.

Incorporated in India on October 6, 2000, Strand is a pioneer of genomic testing in the country with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.

Strand's turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore in FY 2021, FY 2020 and FY 2019, respectively.

"The investment is part of the group's digital health initiative to foster affordable access to world class technology and innovation-led healthcare ecosystem in India," an RIL filing said.

No governmental or regulatory approvals were required for the investment. The investment does not fall within related party transactions and none of RIL's promoter or promoter group or group companies have any interest in the transaction.