- Sunday, December 29, 2024
Karkinos provides technology-driven solutions for the early detection, diagnosis, and management of cancer
By: India Weekly
BILLIONAIRE Mukesh Ambani’s Reliance Industries has acquired technology-driven and oncology-focused healthcare platform Karkinos, which is currently facing insolvency proceedings, for ₹3.75 billion (£34.93m), the firm said on Saturday.
Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of India’s most valuable company, completed the acquisition of Karkinos Healthcare Pvt Ltd with allotment of requisite shares, the firm said in a stock exchange filing.
Karkinos was incorporated in India on July 24, 2020, and is in the business of providing technology-driven solutions for the early detection, diagnosis, and management of cancer.
The previous prominent investors of Karkinos include Ewart Investments Limited (100 per cent subsidiary of Tata Sons), Reliance Digital Health Ltd (a subsidiary of Reliance Industries), Mayo Clinic (US), Sundar Raman (Director at Reliance Foundation Youth Sports and former COO of Indian Premier League since 2008), and Ravi Kant (ex-MD of Tata Motors).
The company provides services related to early detection and effective treatment of cancer at substantially lower than prevailing rates, while still generating healthy profitability.
In order to meet this vision, Karkinos started partnering with hospitals to provide oncology services (testing, radiation therapy, etc.).
“The acquisition of Karkinos will help expand the health services business portfolio of the Reliance group,” the filing said.
The resolution plan for Karkinos was approved by the National Company Law Tribunal (NCLT), Mumbai Bench, and no additional governmental or regulatory approvals were needed for the transaction, it added.
Earlier, on December 10, Reliance announced that the NCLT had approved the resolution plan submitted by RSBVL for Karkinos under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.
It also said that Karkinos has cancelled the existing outstanding 30,075 equity shares held by the erstwhile shareholders of the company in accordance with the approved resolution plan. (PTI)
