Reliance Industries has acquired Karkinos Healthcare, a technology-driven oncology platform, for Rs 375 crore. Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries, completed the acquisition with the allotment of shares and convertible debentures.
This acquisition will strengthen Reliance’s health services portfolio. The National Company Law Tribunal (NCLT) had approved Karkinos’ resolution plan under the Insolvency and Bankruptcy Code earlier this month.
“Reliance Strategic Business Ventures has on December 27, 2024, subscribed to and has been allotted 1 crore equity shares of Rs 10 each, for cash, aggregating Rs 10 crore and 36.5 crore optionally fully convertible debentures of Rs 10 each, for cash, aggregating Rs 365 crore of Karkinos,” according to the filing.
The healthcare platform was founded on July 24, 2020 and specializes in offering technology-driven solutions for the early detection, diagnosis, and management of cancer. The company reported a turnover of approximately Rs 22 crore for the fiscal year 2022-23. It has also partnered with over 60 hospitals and is developing a 150-bed multispecialty cancer hospital in Imphal, Manipur.
Karkinos has eliminated the 30,075 outstanding equity shares previously held by its former shareholders, as per the approved resolution plan. However, no further details were provided.
Notable past investors in the company include Ewart Investments Limited (a fully-owned subsidiary of Tata Sons), Reliance Digital Health Ltd (a subsidiary of Reliance Industries), Mayo Clinic (USA), Sundar Raman (Director at Reliance Foundation Youth Sports and former COO of the Indian Premier League), and Ravi Kant (former Managing Director of Tata Motors).
(With PTI Inputs)
