Mukesh Ambani
Billionaire businessman Mukesh Ambani, making a big bet, has acquired the technology best healthcare platform Karkinos for Rs 375 crore. Reliance Industries on Saturday said its wholly-owned subsidiary Reliance Strategic Business Ventures (RSBVL) has completed the acquisition of Karkinos Healthcare Pvt Ltd with allotment of required shares. This acquisition will help Reliance Group to expand its foothold in the rapidly growing healthcare business in India.
What does Karkinos do?
Carkinos was formed in India on July 24, 2020, and the company provides technology-based solutions for early detection and treatment of cancer. Its previous major investors include Evert Investments Limited (100 per cent 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 Ravi Kant. (former MD of Tata Motors). The company provides services related to early detection and effective treatment of cancer, whose cost is much lower than the current rates. Despite this the company is earning good profits. The company has partnered with around 60 hospitals by December 2023.
Deal done at Rs 10 per share
RIL subsidiary Reliance Strategic Business Ventures has purchased 1 crore shares in cash at Rs 10 per share, aggregating to Rs 10 crore. Additionally, it has also purchased 36.50 crore optionally fully convertible debentures of Karkinose at Rs 10 per share. The total value of these shares is Rs 365 crore. As part of this acquisition, Karkinos has canceled the existing outstanding 30,075 equity shares held by the then shareholders of the company. Following the allotment of equity shares to RSBVL and cancellation of the above existing outstanding equity shares, Karkinos has become a wholly owned subsidiary of RIL. Karkinos reported a turnover of Rs 21.911 crore for FY23, up from Rs 0.918 crore in FY22 and Rs 0.004 crore in FY21, respectively.
Latest Business News
