BUSINESS
Following the acquisition, the company has become a step-down wholly-owned subsidiary of RIL
Billionaire Mukesh Ambani-led Reliance Industries Limited (RIL) has officially completed the acquisition of Karkinos Healthcare, a Mumbai-based oncology-focused healthcare platform. The takeover was finalised around two weeks after the National Company Law Tribunal (NCLT) approved Reliance’s resolution plan on December 9, according to reports.
RIL, India’s largest company by market capitalisation, announced on Saturday that the acquisition was executed through its wholly-owned subsidiary, Reliance Digital Health. RIL initially acquired a minority stake in Karkinos in 2021.
The deal, valued at Rs 375 crore, includes the subscription of one crore equity shares worth Rs 10 crore and 36.50 crore optionally fully convertible debentures worth Rs 365 crore.
Following the acquisition, Karkinos has become a step-down wholly-owned subsidiary of RIL. Existing equity shares held by previous shareholders were canceled as part of the resolution plan.
Karkinos, which focuses on technology-driven cancer care, reported significant growth in turnover, from Rs 0.004 crore in FY21 to Rs 21.911 crore in FY23. RIL stated that this acquisition aligns with its strategy to expand its healthcare portfolio and enhance its presence in the sector.
Karkinos Healthcare entered the Corporate Insolvency Resolution Process (CIRP) in May 2024. Earlier this month, the Mumbai NCLT approved RIL’s Rs 202 crore resolution plan, ensuring 100% recovery for all creditors, including financial creditors, employees, and suppliers.
“The acquisition of Karkinos will help strengthen Reliance’s health services business and support its mission to deliver innovative and accessible cancer care solutions across India,” the company stated.
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