M&A

M&A

Reliance Strategic Business Ventures’ Rs.202-Cr resolution plan for oncology player Karkinos gets NC

CNBC TV18  

Publicly listed Reliance Industries, through its wholly-owned subsidiary Reliance Strategic Business Ventures Ltd (RSBVL), will infuse INR 202.16 crore to settle the debts of Karkinos Healthcare - a technology-led oncology platform led by former Tata Trusts official R Venkataraman - undergoing insolvency proceedings.The resolution plan of RSBVL was approved by the National Company Law Tribunal (NCLT). The company was admitted into the Corporate Insolvency Resolution Process (CIRP) in May on the petition of one of its creditors Labindia Instruments Pvt Ltd. RSBVL emerged as the sole successful bidder.Beyond settling debts, Reliance has pledged an additional INR 150 crore to support Karkinos Healthcare’s operational revival and meet its working capital requirements.Founded in 2020, the platform focuses on the early detection and diagnosis of cancer. The company operates a distributed cancer care network and collaborates with hospitals and healthcare institutions to make affordable cancer care more accessible.Karkinos had received investments from Ratan Tata, Venu Srinivasan, Kris Gopalakrishnan, Ronnie Screwvala, Vijay Shekhar Sharma, Bhavish Aggarwal, Ravi Kant, and Sundar Raman. Institutional investors include Ewart Investments Limited, a subsidiary of Tata Sons, besides the US-based Mayo Clinic and Rakuten Medical, a clinical-stage biotechnology firm from San Diego, which hold stakes in the company.The company reported consolidated revenues of INR 22 crore in FY23, up from INR 1 crore in FY22, but incurred a significant net loss of INR 143 crore.