Reliance Acquires Karkinos Healthcare: Reliance Industries has acquired the healthcare platform Karkinos. This deal has been done for Rs 375 crore. Reliance-owned Reliance Strategic Business Venture (RSBVL) has purchased Karkinos Healthcare Ltd. The company gave this information in its exchange filing on Saturday.
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Reliance Acquires Karkinos Healthcare
According to the filing, RSBVL has purchased 10 million (1 crore) equity shares of Karkinos at Rs 10 per share for a cash payment of Rs 10 crore. Whereas 365 million fully convertible debentures at the rate of Rs 10 have been purchased for a cash payment of Rs 365 crore.
Last week, on December 20, another Reliance-owned company ‘Reliance Digital Health’ had bought 45% shares in ‘Health Alliance Group Inc’ (HAGI). This deal was done for 10 million dollars (about Rs 85 crore).
Reliance Acquires Karkinos Healthcare: Reliance Digital Health Buys 45% Stake in HAGI
America-based healthcare company was formed on 21 December 2023. The company provides technology-driven solutions to underprivileged people in the US, India, and the rest of the world. HAGI also works for the health sector, information technology, and innovation.
Reliance Acquires Karkinos Healthcare: About the Karkinos Company
- Karkinos was launched on July 24, 2020.
- The technology-driven and oncology-centric platform focuses on early detection, diagnosis, and management of cancer in India.
- In the financial year 2022-23, the company had a turnover of about Rs 22 crore.
- Karkinos Healthcare Private Limited has also now become a part of Reliance Group. This acquisition has been done by RSBVL, which is a subsidiary of Reliance.
- Karkinos is a company that uses modern technology for early detection and treatment of serious diseases like cancer. After this acquisition, Reliance’s hold in the healthcare sector is expected to become even stronger.
Who has been the Investor Before?
Key previous investors of Karkinos include Evert Investments Limited, a 100 percent subsidiary of Tata Sons, Reliance Digital Health Limited (a subsidiary of Reliance Industries), Mayo Clinic (US), Sundar Raman (Director of Reliance Foundation Youth Sports and former COO of the Indian Premier League since 2008) and Ravi Kant (former MD of Tata Motors).
Karkinos aims to provide early detection and effective treatment of cancer at a low cost. For this, the company has partnered with about 60 hospitals. The company is also setting up a 150-bed multispecialty cancer hospital in Imphal, Manipur through one of its subsidiaries.
▶️Reliance acquires Karkinos Healthcare for Rs 375 crore;
— 8bit Market (@8bit_market) December 29, 2024
Billionaire Mukesh Ambani’s Reliance Industries has acquired technology-driven and oncology-focused healthcare platform Karkinos for Rs 375 crore, the firm said on Saturday.
"The acquisition of Karkinos will help… pic.twitter.com/qXWpnqXDDH
In the future, the company’s revenue sources are expected to be from Advanced Cancer Care Diagnostics and Research (ACCDR), Distributed Cancer Care Network (DCCN), tie-ups with corporates for early detection of cancer and cancer care hospitals.
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