Reliance Industries Acquires Oncology Platform Karkinos For Rs 375 Cr

Reliance Industries has completed the acquisition of Karkinos Healthcare Pvt, a technology-driven platform specialising in oncology, for Rs 375 crore. The deal was finalised through Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries, which acquired the company via the allotment of equity shares and optionally fully convertible debentures.

Karkinos, established in July 2020, is focused on providing innovative, technology-based solutions for the early detection, diagnosis, and treatment of cancer. With a turnover of approximately Rs 22 crore in the 2022-23 fiscal year, the company has rapidly expanded its services. It collaborates with around 60 hospitals as of December 2023 and is working on setting up a 150-bed multispecialty cancer hospital in Imphal, Manipur.

As part of the deal, RSBVL subscribed to 10 million equity shares of Rs 10 each, along with 365 million optionally fully convertible debentures, totalling Rs 375 crore. Prominent previous investors in Karkinos include Ewart Investments Limited (a Tata Sons subsidiary), Reliance Digital Health Ltd, Mayo Clinic (US), and several high-profile individuals such as Sundar Raman and Ravi Kant.

The acquisition aligns with Reliance’s broader strategy to enhance its healthcare services, providing end-to-end solutions for cancer care at affordable prices while maintaining profitability. The company plans to expand its portfolio by tapping into cancer diagnostics, research, and hospital networks.

The resolution plan for Karkinos was approved by the National Company Law Tribunal (NCLT), and no additional regulatory approvals were required. This move is expected to further bolster Reliance’s growing presence in the healthcare sector.