Mumbai: RIL said late on Tuesday that its retail unit has acquired a majority equity stake in online pharma company Netmeds for around Rs 620 crore, directly taking on Amazon which forayed into the the e-pharmacy business last week.The oil-to-retail conglomerate said Reliance Retail Ventures has acquired a majority stake in Vitalic Health Pvt. Its subsidiary also runs an online pharmacy platform – Netmeds – to connect customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products.Netmeds is promoted by Dadha Pharma, a Chennai-based company. The Dadha family’s pharmaceutical experience dates back to 1914, when they ventured first into the pharma retailing business and then into drug manufacturing in 1972, Reliance Industries said in a release.The e-pharmacy business has seen a lot of action in the recent week. ET reported the combined entity could be valued at around $1.2 billion.Ahead of the announcement, Reliance Industries shares closed 1.31 per cent higher at Rs 2,118.75. They have jumped 144 per cent from the lows seen in March.

Source: Economic Times August 18, 2020 18:36 UTC