Go Digit General Insurance invests Rs 30 crore in Dr Reddy’s Laboratories
Go Digit General Insurance has acquired a small stake in pharmaceuticals major Dr Reddy’s Laboratories through a cash infusion of Rs 30.06 crore, the insurance company said in a stock exchange filing today.
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Go Digit, which offers general insurance products to consumers, will get a 0.32% stake in the company in lieu of the investment.
Incorporated back in 1984, Dr Reddy's Laboratories Ltd is a pharmaceutical company offering a portfolio of products and services, including Active Pharmaceutical Ingredients (APIs), Custom Pharmaceutical Services (CPS), generics, biosimilars and differentiated formulations.
Go Digit’s investment in a pharma company comes at a time when PB Fintech, which runs insurance marketplace Policybazaar, has set up a subsidiary entity inhealthcare services through PB Healthcare.
Dr Reddy’s Laboratories had closed the December quarter of the current financial year with total revenue of Rs 8,358 crore and a net profit of Rs 1,403 crore.
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