Reliance Industries, led by Mukesh Ambani, has acquired oncology-focused healthcare firm Karkinos Healthcare Pvt Ltd for ₹375 crore. The deal was finalized by Reliance Strategic Business Ventures Ltd (RSBVL), a subsidiary of Reliance Industries, through the allotment of equity shares and optionally fully convertible debentures, as per a stock exchange filing.
Karkinos, established on July 24, 2020, specializes in cancer detection, diagnosis, and treatment using technology-based solutions. It reported a turnover of ₹22 crore for the 2022-23 financial year. According to the filing, on December 27, 2024, RSBVL subscribed to 1 crore equity shares worth ₹10 crore and 36.5 crore optionally fully convertible debentures worth ₹365 crore. As part of the approved resolution plan, the company canceled 30,075 equity shares held by former shareholders.
Karkinos’ earlier investors included Ewart Investments (a Tata Sons subsidiary), Reliance Digital Health, Mayo Clinic, Sundar Raman, and Ravi Kant. The company collaborates with hospitals to offer oncology services such as testing and radiation therapy and aims to deliver cancer care at lower costs while maintaining profitability.
By December 2023, Karkinos had partnered with 60 hospitals and is building a 150-bed cancer hospital in Imphal, Manipur, through its subsidiary. The firm generates revenue through diagnostic research, distributed cancer care networks, corporate partnerships for early cancer detection, and cancer treatment facilities.
Reliance stated that acquiring Karkinos would broaden its healthcare offerings and strengthen its presence in the sector. The National Company Law Tribunal (NCLT), Mumbai Bench, had earlier approved RSBVL’s resolution plan under the Corporate Insolvency Resolution Process. No further regulatory approvals were required for the transaction.
Reliance Industries Limited is India’s largest private sector enterprise, reporting consolidated revenue of ₹10,00,122 crore (US$ 119.9 billion), cash profit of ₹1,41,969 crore (US$ 17.0 billion), and net profit of ₹79,020 crore (US$ 9.5 billion) for the financial year ending March 31, 2024. The company operates across a wide range of sectors, including hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables like solar and hydrogen, retail, and digital services.
Ranked 86th on the Fortune Global 500 list of ‘World’s Largest Companies’ for 2024, Reliance is the highest-ranked private sector company from India. It also holds the 45th position in the Forbes Global 2000 rankings of ‘World’s Largest Public Companies’ for 2023, leading among Indian entities. Furthermore, Reliance has earned a spot in Time’s list of the 100 Most Influential Companies of 2024, making it the only Indian company to be featured twice.
The company has also been recognized for its workplace excellence, being the highest-ranked Indian entity and the sole representative in the top 100 on Forbes’ ‘World’s Best Employers’ 2023 list. Additionally, it features on LinkedIn’s ‘Top Companies 2023: The 25 Best Workplaces to Grow Your Career in India,’ underscoring its reputation as a leading employer in the country.
