India’s Reliance Industries set to buy into online pharmacy Netmeds

Indian conglomerate Reliance Industries is holding talks to purchase a controlling share in e-commerce pharmacy business Netmeds.

The talks, which according to the Economic Times are in advanced stages, could see a Reliance subsidiary pay US$130–150 million for the shares and fund a potential expansion of operations.

The deal, if it goes ahead, will be Reliance’s second major investment in the pharmaceutical industry since acquiring 82 percent of C-Square Info Solutions last year, a producer of pharmaceutical software.

“The deal is happening at a slight premium to their last funding round valuation,” a source said, which also shared that conversations between Reliance and Netmeds began before the coronavirus pandemic.

The firms involved have not issued public statements about the prospective dea