Billionaire Mukesh Ambani’s Reliance Industries has purchased Karkinos Healthcare, a cancer-focused tech company, for ₹375 crore. This deal was made through Reliance Strategic Business Ventures (RSBVL), a part of Reliance, and was confirmed in a stock exchange notice.
Karkinos, which started in India on July 24, 2020, aims to help with the early detection, diagnosis, and treatment of cancer using innovative technology. Last year, its revenue was about ₹22 crore. The deal included buying 1 crore shares and ₹365 crore worth of convertible debentures from Karkinos.
Karkinos has also canceled shares previously held by other investors as part of a plan approved by the National Company Law Tribunal (NCLT) in Mumbai and didn’t need any extra approvals. The company’s past investors include big names like Tata Sons and Mayo Clinic from the U.S.
Karkinos works with around 60 hospitals to provide affordable cancer care services, including early detection and treatments like radiation. They are also building a 150-bed cancer hospital in Imphal, Manipur, to make treatment more accessible. The money it makes will come from various services like cancer screenings and partnerships with businesses for early diagnosis.
By buying Karkinos, Reliance hopes to enhance its health services. The purchase was part of Karkinos’ recovery plan under India’s bankruptcy laws.
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