Reliance Industries’ wholly owned subsidiary, Reliance Digital Health (RDHL) entered into definitive agreements to acquire 45% equity stake on a fully diluted basis in Health Alliance Group Inc. (HAGI) for an aggregate consideration of $10 million.
HAGI is a US-based healthcare company incorporated on 21 December 2023, as a Delaware corporation. It specializes in designing technology-driven solutions for the underserved in the United States, India and rest of the world. It operates at the intersection of healthcare, information technology, and innovation.
The investment will empower RDHL to develop a virtual diagnostic and care platform, expanding access to healthcare for underserved communities.
The transaction is subject to customary closing conditions and is expected to be completed in around 2 weeks.
Reliance Industries (RIL) is India’s largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.
RIL had reported a 3.6% fall in consolidated net profit to Rs 19,101 crore in Q2 FY25 from Rs 19,820 crore in Q2 FY24. Gross revenue rose by 0.8% YoY to Rs 258,027 crore in the second quarter.
The scrip slipped 2% to close at Rs 1,206 on Friday, 20 December 2024.
Source: Business-Standard