Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of India’s most valuable company listed in Mumbai, has completed the acquisition of Karkinos Healthcare Pvt Ltd with allotment of requisite shares.
Billionaire Mukesh Ambani’s Reliance Industries has acquired technology-driven and oncology-focused healthcare platform Carcinos for Rs 375 crore, the firm said on Saturday. Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of India’s most valuable Mumbai-listed company, has completed the acquisition of Karkinos Healthcare Pvt Ltd with the required allotment of shares, the firm said in a stock exchange filing.
Karkinos was incorporated in India on July 24, 2020, and is in the business of providing innovative technology-based solutions for early detection, diagnosis and management of cancer. Its turnover in the financial year 2022-23 was around Rs 22 crore.
“Reliance Strategic Business Ventures Limited has subscribed and been allotted 1 crore equity shares of Rs.10 each on 27 December 2024, for cash, totaling Rs.10 crore and 36.5 crore optional fully convertible. Debentures at Rs 10, for cash, Karkinos’ Rs 365 crore, according to the filing.
It said Karkinos has canceled the outstanding 30,075 equity shares held by the company’s former shareholders as per the approved resolution plan.
However, he did not give details.
Its previous prominent investors include Everett Investments Limited (a 100% subsidiary of Tata Sons), Reliance Digital Health Limited (a subsidiary of Reliance Industries), Mayo Clinic (US), Sunder Raman (Director of Reliance Foundation Youth Sports and Indian’s former COO) was involved. Premier League since 2008, and Ravi Kant (former MD of Tata Motors).
The company focuses on providing end-to-end services related to early cancer detection and effective treatment at significantly lower than prevailing rates, while still generating healthy profits. To fulfill this vision, Karkinos began partnering with hospitals to provide oncology services (testing, radiation therapy, etc.).
The company has partnered with around 60 hospitals till December 2023. It is through a subsidiary company setting up a 150-bed multi-specialty cancer hospital in Imphal, Manipur. Going forward, its source of revenue is through Advanced Cancer Care Diagnostics and Research (ACCDR), Distributed Cancer Care Network (DCCN), tie-ups with corporates for early cancer diagnosis, and cancer care hospitals. Told.
“The acquisition of Carcinos will help expand Reliance Group’s health services business portfolio,” the filing said.
Karkinos’ resolution plan was approved by the National Company Law Tribunal (NCLT), Mumbai Bench, and the transaction did not require any additional government or regulatory approval.
Earlier, on December 10, Reliance announced that the NCLT had approved the resolution plan submitted by RSBVL for Carcanos under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed. PTI)