-By ArdorComm News Network
December 30, 2024
Reliance Industries Limited (RIL), led by billionaire Mukesh Ambani, has acquired Karkinos Healthcare Pvt Ltd, a technology-driven oncology platform, for ₹375 crore. The acquisition, conducted through Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of RIL, was finalized with the allotment of 1 crore equity shares and 36.5 crore optionally fully convertible debentures, according to a stock exchange filing on Saturday.
Founded on July 24, 2020, Karkinos Healthcare focuses on innovative solutions for the early detection, diagnosis, and management of cancer. The company recorded a turnover of ₹22 crore in FY 2022-23 and has collaborated with approximately 60 hospitals by December 2023. Karkinos also operates through a subsidiary to establish a 150-bed multispecialty cancer hospital in Imphal, Manipur.
Prominent previous investors in Karkinos included Ewart Investments (a Tata Sons subsidiary), Reliance Digital Health, the US-based Mayo Clinic, and industry stalwarts like Sundar Raman and Ravi Kant. The company’s offerings span Advanced Cancer Care Diagnostics and Research (ACCDR), a Distributed Cancer Care Network (DCCN), and corporate tie-ups for early cancer diagnosis.
The acquisition comes as part of Reliance’s strategic expansion into the healthcare sector. “The acquisition of Karkinos will help expand the health services business portfolio of the Reliance group,” the company stated.
The National Company Law Tribunal (NCLT), Mumbai Bench, had approved the resolution plan for Karkinos under the Corporate Insolvency Resolution Process in December 2024, allowing Reliance to proceed without additional regulatory approvals.
This move aligns with Reliance’s vision to integrate innovative, cost-effective healthcare solutions into its growing portfolio, positioning itself as a significant player in the Indian healthcare industry.
Source: Economic Times
Photo Credit: Economic Times