Reliance Industries has officially acquired Karkinos Healthcare Pvt, a tech-driven cancer care platform, for Rs 375 crore. The acquisition was made through Reliance Strategic Business Ventures Limited (RSBVL), a subsidiary of Reliance Industries, by purchasing equity shares and convertible debentures.
About Karkinos Healthcare
Karkinos Healthcare was founded in July 2020 and specializes in using advanced technology to improve cancer care. The platform focuses on early detection, accurate diagnosis, and effective treatment for cancer patients. In the 2022-23 fiscal year, Karkinos reported a turnover of approximately Rs 22 crore. The company has partnered with 60 hospitals across India as of December 2023 and is developing a 150-bed multispecialty cancer hospital in Imphal, Manipur.
Details of the Acquisition
As part of the deal, RSBVL acquired 10 million equity shares valued at Rs 10 each, along with 365 million optionally fully convertible debentures. This brought the total investment to Rs 375 crore. The acquisition was approved by the National Company Law Tribunal (NCLT), and no additional regulatory approvals were required.
Investors in Karkinos
Before this acquisition, Karkinos had received investments from notable entities and individuals. These include Ewart Investments Limited, a subsidiary of Tata Sons, Reliance Digital Health Ltd, Mayo Clinic (US), and high-profile investors such as Sundar Raman and Ravi Kant.
Reliance Strategy in Healthcare
The acquisition of Karkinos is part of Reliance’s broader plan to expand its healthcare services. By integrating advanced technology with affordable solutions, Reliance aims to provide comprehensive cancer care services. The company is also looking to grow its presence in cancer diagnostics, research, and hospital networks, making quality healthcare accessible to more people.
Future Plans for Karkinos
With the support of Reliance, Karkinos is expected to enhance its technology and expand its services further. The company’s innovative approach to cancer care aligns with Reliance’s vision of offering affordable and efficient healthcare solutions while maintaining profitability.
Impact on India’s Healthcare Sector
This acquisition marks a significant step in Reliance’s entry into the healthcare sector. By focusing on advanced cancer care, Reliance is set to strengthen its position in the market and contribute to improving healthcare infrastructure in India.
