MUMBAI: Reliance Industries has strengthened its healthcare portfolio by acquiring Karkinos Healthcare, a technology-driven oncology platform, for Rs375 crore. The acquisition was completed by Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of the conglomerate, through the allotment of shares and convertible debentures, the company said in a regulatory filing.
The deal comes at a time when several large corporate groups are increasing their focus on the healthcare sector. Just weeks ago, a major healthcare deal involving Aster DM Healthcare and Blackstone-backed Quality Care India Ltd (QCIL) signaled heightened activity in the industry.
Karkinos Healthcare specializes in early detection, diagnosis, and management of cancer through technology-driven solutions. Founded in July 2020, the company reported a turnover of Rs22 crore in FY23 and has partnered with over 60 hospitals. It is also developing a 150-bed multispecialty cancer hospital in Imphal, Manipur.
As part of the acquisition, RSBVL subscribed to 1 crore equity shares of Rs10 each, aggregating Rs10 crore, and 36.5 crore optionally fully convertible debentures of Rs10 each, aggregating Rs365 crore.
Karkinos recently underwent a resolution process under the Insolvency and Bankruptcy Code, with its plan approved by the National Company Law Tribunal (NCLT). The approved plan included eliminating 30,075 outstanding equity shares held by former shareholders, though specific details were not disclosed. Notable past investors in Karkinos include Ewart Investments (a Tata Sons subsidiary), Reliance Digital Health, Mayo Clinic (USA), Sundar Raman (Director at Reliance
