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 pharmaceuticals industry since acquiring 82 per cent 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 told the Economic Times, 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 deal.