Reliance Buys Karkinos Healthcare for ₹375 Crore to Advance Cancer Care

30 Dec 2024 , 03:39 PM

Reliance Industries has bought the technology-driven oncology platform Karkinos Healthcare for ₹375 crore through Reliance Strategic Business Ventures.

The deal consists of ₹10 crore equity shares and ₹365 crore in optionally fully convertible debentures.
Karkinos Healthcare particularly deals with early detection, diagnosis, and management of cancer by using advanced technology solutions.

Earlier this month, the National Company Law Tribunal (NCLT) cleared the resolution plan put forward by Karkinos under the Insolvency and Bankruptcy Code. Karkinos reported a turnover of ₹22 crore for the fiscal year 2022-23 and is building a 150-bed multispecialty cancer hospital in Imphal, Manipur.
The company has collaborated with more than 60 hospitals to build up its cancer care ecosystem across India.

Under the resolution plan, Karkinos liquidated 30,075 outstanding equity shares issued to erstwhile shareholders, no further information provided. Other prior investors of Karkinos included Ewart Investments of Tata Sons, Mayo Clinic (USA), Reliance Digital Health Ltd, Sundar Raman-Reliance Foundation Youth Sports Director and Ravi Kant-ex MD Tata Motors.

The deal will help Reliance’s overall strength in the health care domain mainly in oncology solutions. The strategy of Reliance too gets better aligned with leveraging technological advantage in the fight against all important health issues.