Reliance Industries Limited (RIL), through its wholly-owned subsidiary Reliance Strategic Business Ventures Ltd. (RSBVL), has officially acquired Karkinos Healthcare Pvt. Ltd. for a total investment of ₹375 crore.
This strategic move reinforces Reliance’s commitment to advancing healthcare solutions in India, with a particular focus on oncology.
Founded in July 2020, Karkinos Healthcare has rapidly positioned itself as a key player in technology-driven cancer care. The startup specializes in early detection, accurate diagnosis, and comprehensive treatment for cancer, leveraging cutting-edge technology. With a turnover of ₹22 crore in FY 2022-23, Karkinos has already partnered with 60 hospitals across the country and is actively developing a 150-bed multispecialty cancer hospital in Imphal, Manipur.
The acquisition involves RSBVL subscribing to 10 million equity shares priced at ₹10 each, along with 365 million optionally fully convertible debentures, bringing the total transaction value to ₹375 crore.
Before the acquisition, Karkinos had attracted investments from high-profile entities, including Ewart Investments Limited (a Tata Sons subsidiary), Reliance Digital Health Ltd., the US-based Mayo Clinic, and notable individuals like Sundar Raman and Ravi Kant. This diverse investor portfolio underscores the healthcare platform’s innovative potential.
Reliance’s acquisition of Karkinos aligns with its broader vision to deliver affordable, world-class healthcare solutions. The company aims to establish a robust cancer care ecosystem, integrating diagnostics, research, and treatment facilities. This initiative complements Reliance’s efforts to expand its presence in the healthcare sector, a market poised for significant growth in India.
The transaction was seamlessly approved by the National Company Law Tribunal (NCLT), requiring no additional regulatory clearances. This smooth approval process highlights Reliance’s meticulous approach to strategic investments.
Reliance plans to leverage Karkinos’ technology and expertise to provide cost-effective yet high-quality cancer care. By tapping into advanced diagnostics and expanding hospital networks, Reliance is poised to make cancer treatment more accessible, addressing a critical healthcare challenge in India.
With this acquisition, Reliance Industries takes a significant step toward transforming India’s healthcare landscape. By integrating Karkinos’ innovative oncology platform into its operations, Reliance aims to bridge gaps in cancer care, ensuring affordability and excellence in treatment. This move not only bolsters Reliance’s healthcare portfolio but also underscores its vision to make a meaningful impact on Indian lives.
