Reliance Industries Acquires Karkinos Healthcare for INR 375 Cr

Following the allotment of shares to RSBVL and the cancellation of existing shares, Karkinos has become a step-down wholly-owned subsidiary of Reliance Industries.

Reliance Industries, through its wholly-owned subsidiary Reliance Strategic Business Ventures Limited (RSBVL), has completed the INR 375 Cr acquisition of Karkinos Healthcare.

The transaction includes an equity investment of INR 10 Cr and optionally fully convertible debentures (OFCDs) worth INR 365 Cr, marking a significant move to bolster Reliance’s presence in the healthcare sector.

The acquisition involved RSBVL subscribing to 1 Cr equity shares of Karkinos for INR 10 Cr and allotting 36.50 Cr optionally fully convertible debentures (OFCDs) for INR 365 Cr.

As part of the resolution plan approved by the National Company Law Tribunal (NCLT), Karkinos also canceled 30,075 equity shares held by previous shareholders.

Following the allotment of shares to RSBVL and the cancellation of existing shares, Karkinos has become a step-down wholly-owned subsidiary of Reliance Industries.

Karkinos' Focus on Cancer Care

Karkinos Healthcare, incorporated in July 2020, specializes in providing technology-driven, innovative solutions for the early detection, diagnosis, and management of cancer.

The company has shown significant growth, reporting a turnover of INR 21.91 Cr in FY 2023, compared to INR 0.92 Cr in FY 2022 and INR 0.004 Cr in FY 2021.

Reliance views the acquisition as an opportunity to strengthen its health services portfolio and advance its efforts in delivering innovative healthcare solutions.

The resolution plan for Karkinos was approved by the NCLT Mumbai Bench under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.

No additional regulatory approvals were required for the transaction. Reliance also clarified that this is not a related-party transaction, and neither the company’s promoters nor its group entities have any interest in the deal.

Reliance Industries, India’s largest private-sector company, continues to diversify beyond its traditional sectors like hydrocarbons, petrochemicals, and digital services.

This acquisition underscores Reliance's commitment to contributing to India’s healthcare ecosystem by leveraging technology and innovation.

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