Reliance acquires majority stake in online pharmacy Netmeds

BENGALURU: Reliance Industries Ltd has acquired a majority stake in online pharmacy Netmeds for about Rs 620 crore ($83.08 million) in cash, days after e-commerce giant Amazon.com Inc launched an online drug sales service in India.

The oil-to-telecoms conglomerate said here late on Tuesday its investment represents about 60% holding in Vitalic Health Pvt. Ltd. and 100% direct ownership of its subsidiaries.