Reliance Industries arm to acquire 45% stake in Health Alliance Group for $10 million | Company Business News
Billionaire industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) announced on Saturday, December 21, that its wholly owned subsidiary Reliance Digital Health Ltd (RDHL) has entered into definitive agreements to acquire a 45 per cent equity stake in Health Alliance Group Inc. (HAGI) for a total consideration of $10 million.
According to a regulatory filing by Reliance Industries to the stock exchanges, “The investment will empower Reliance Digital to develop a virtual diagnostic and care platform, expanding access to healthcare for underserved communities. The investment is not a related party transaction, and none of the company’s promoters/promoter groups/group companies are interested in the above transaction.”
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Reliance Digital acquires stake in Health Alliance Group
“The transaction is subject to customary closing conditions and is expected to be completed in around two weeks. No governmental or regulatory approvals are required for the above transaction,” said Reliance Industries.
“The transaction is subject to customary closing conditions and is expected to be completed in around two weeks. No governmental or regulatory approvals are required for the above transaction,” added the oil-to-telecom conglomerate.
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HAGI is a US-based healthcare company incorporated as a Delaware corporation on December 21, 2023. It specialises in designing technology-driven solutions for the underserved in the United States, India and worldwide. According to the exchange filing, HAGI operates at the intersection of healthcare, information technology and innovation.
Reliance Q2 Results
RIL reported a 3.6 per cent year-on-year (YoY) decline in consolidated net profit to ₹19,101 crore during the July-September quarter from ₹19,820 crore in the corresponding quarter a year ago. However, sequentially, or quarter-on-quarter (QoQ), the behemoth’s consolidated profit rose by 9.5 per cent. In Q1FY25, the company reported a profit of ₹17,448 crore. On Friday, shares of Reliance Industries settled two per cent lower to ₹1,206 apiece on the BSE.
