Reliance Industries, led by billionaire Mukesh Ambani, has acquired Karkinos Healthcare Pvt Ltd, a technology-driven platform focused on oncology, for ₹375 crore. Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries, completed the transaction by subscribing to equity shares and optionally fully convertible debentures, as per a stock exchange filing.
Karkinos, established in India on July 24, 2020, specializes in early cancer detection, diagnosis, and management using innovative technology. For the fiscal year 2022-23, the company reported a turnover of ₹22 crore.
As part of the acquisition, RSBVL was allotted 1 crore equity shares for ₹10 crore and 36.5 crore optionally fully convertible debentures for ₹365 crore. The company also canceled 30,075 equity shares previously held by its former shareholders, as outlined in an approved resolution plan.
As reported by economictimes, prominent past investors in Karkinos included Ewart Investments (a Tata Sons subsidiary), Reliance Digital Health Ltd, Mayo Clinic, Sundar Raman (Director at Reliance Foundation Youth Sports), and Ravi Kant (former Tata Motors MD).
Karkinos operates by partnering with hospitals to provide oncology services, including testing and radiation therapy. It has collaborated with 60 hospitals as of December 2023 and is establishing a 150-bed multispecialty cancer hospital in Imphal, Manipur. Future revenue sources include advanced cancer diagnostics, distributed cancer care networks, corporate tie-ups for early cancer detection, and cancer care hospitals.
Reliance stated that the acquisition would expand its health services portfolio. The transaction follows the approval of Karkinos’ resolution plan under the Corporate Insolvency Resolution Process by the National Company Law Tribunal (NCLT), Mumbai Bench, with no additional regulatory approvals required.