India’s RIL unveils new business initiatives

26 April 2007 17:02  [Source: ICIS news]

NEW DELHI (ICIS news)--India’s Reliance group on Thursday announced a raft of new business initiatives in exploration and production, management consultancy and life sciences.


The group also reaffirmed its commitment to recently announced petrochemical projects.


Reliance Life Sciences (RLS) said it has incorporated a subsidiary at Delaware in the US to give a major push to its emerging business of biopharmaceuticals, pharmaceuticals and allied businesses.


The US subsidiary called Reliance Clinical Research Services (RCRS) would offer preclinical to phase four services for products being developed by global pharmaceuticals, biopharmaceuticals and medical devices companies.


RCRS is expected to grow over the next few years through acquisitions, new services and improved technology platforms.


RLS also announced that it had become limited partner in MPM BioVentures IV, the newest fund floated by MPM Capital, L.P, a US-based global investment management firm focused solely on healthcare investment business.


BioVentures IV fund expected to invest in select emerging life sciences companies in India and explore the potential for a new India-only seed fund.

By: Naresh Minocha
+65 6780 4359

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