Reliance’s Strategic Move: Acquiring Karkinos Healthcare for Rs 375 Crore

🔹Billionaire Mukesh Ambani’s Reliance Industries has acquired technology-driven and oncology-focused healthcare platform Karkinos for Rs 375 crore, the firm said.

🔹Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Mumbai-listed India’s most valuable company, completed the acquisition of Karkinos Healthcare Pvt Ltd with allotment of requisite shares, the firm said in a stock exchange filing.

🔹Filing.Karkinos was incorporated in India and is in the business of providing technology-driven innovative solutions for the early detection, diagnosis, and management of cancer. It had a turnover of about Rs 22 crore in the 2022-23 fiscal.”Reliance Strategic Business Ventures Ltd has  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.Karkinos, it said, has cancelled the existing outstanding 30,075 equity shares held by the erstwhile shareholders of the company in accordance with the approved resolution plan.

🔹The company is focused on providing end-to-end services relating to early detection and effective treatment of cancer at substantially lower than prevailing rates, while still generating healthy profitability.