Reliance Industries invests $13 billion in acquisitions, expands into healthcare with Karkinos: Report
Mumbai: Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, has invested $13 billion in acquisitions over the past five years to pivot from its core oil and petrochemical businesses towards clean energy and consumer-facing sectors like telecom, retail, and media.
Most recently, RIL acquired oncology platform Karkinos Healthcare for Rs 375 crore, expanding its footprint in digital and diagnostic healthcare, PTI reported, citing a Morgan Stanley report.
Morgan Stanley noted that 14% of RIL’s acquisitions in this period were in new energy, 48% in technology, media, and telecommunications (TMT), 9% in retail, and a growing share in healthcare.
Among its major acquisitions, RIL spent $6 billion on media and education businesses, $2.6 billion on telecom and internet companies, $1.7 billion on new energy projects, and $1.14 billion on retail ventures.
Notable purchases include Hathway Cable and Datacom Ltd for $981 million, REC Solar Holdings for $771 million, and JustDial for $767 million.
The acquisition of Karkinos Healthcare marked a significant step in RIL's efforts to build an integrated healthcare system.
Karkinos, incorporated in 2020, focuses on early cancer detection and treatment. Its innovative solutions act as a care partner for patients during cancer management.
RIL has also invested in healthcare platforms like HAGI, Netmeds, and Strand Life Science.
Leveraging its technological expertise and extensive distribution networks, RIL aims to establish a digital health ecosystem, encompassing telemedicine and advanced healthcare delivery models, Morgan Stanley highlighted.
Karkinos, which reported a turnover of Rs 22 crore in FY 2022-23, previously had investors like Tata Group, Mayo Clinic, Rakuten, and Hero Enterprise.
The company has partnered with 60 hospitals as of December 2023 and is setting up a 150-bed multispecialty cancer hospital in Imphal, Manipur.
Future income streams for Karkinos include its Advanced Cancer Care Diagnostics and Research (ACCDR) division, Distributed Cancer Care Network (DCCN), corporate partnerships for early cancer diagnosis, and its cancer care hospital.
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