Reliance retail acquires majority stake in Netmeds’ parent for Rs 620 crore

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. PharmEasy, Medlife merger Meanwhile, online medical store PharmEasy has agreed to merge with smaller rival Medlife, filings with India’s antitrust body show. Medlife will sell 100% shares to API Holdings, the parent entity of PharmEasy, in return for 19.59% ownership in the combined entity, according to the filing with the Competition Commission of India. Sources in the know of the deal details pegged the valuation of the combined entity at $1.2 billion, which values the stake of Medlife shareholders at around $235 million. “The proposed combination relates to the acquisition of 100% equity shares of Medlife by API Holdings, and as consideration, the acquisition of up to 19.59% of the equity share capital of API Holdings, by the Medlife Promoter Shareholders and other shareholders of Medlife,” the filing read. Medlife was founded by Tushar Kumar, son of Alkem Laboratories owners Prabhat Narain Singh and Prashant Singh, Ananth Narayanan, who was appointed Medlife CEO in August last year, will stay on as an advisor for some time even after the deal is closed, sources added.