India News Get -BusinessReliance acquires healthcare company Karkinos for ₹375 crore | Here the transaction details
Reliance Industries has acquired healthcare platform Karkinos. This deal was done for Rs 375 crore. Reliance-owned Reliance Strategic Business Venture (RSBVL) has purchased Karkinos Healthcare Ltd. The company gave this information in its exchange filing on Saturday.
According to the filing, RSBVL purchased 10 million (1 crore) shares of Karkinos at Rs 10 per share for a cash payment of Rs 10 crore. While 365 million fully convertible debentures at the rate of Rs 10 were purchased for a cash payment of Rs 365 crore.
Karkinos did business worth ₹22 crore in FY23
Karkinos was launched on July 24, 2020. The oncology-centric and technology platform focuses on early detection, diagnosis and management of cancer in India. In the financial year 2022-23, the company had achieved a turnover of around Rs 22 crore.
Reliance Digital Health buys 45% of the capital of HAGI
Last week, on December 20, another company owned by Reliance, ‘Reliance Digital Health’, had purchased 45% stake in ‘Health Alliance Group Inc’ (HAGI). This deal was done for $10 million (around Rs 85 crore).
A US-based healthcare company was established on December 21, 2023. The company provides technology solutions to underprivileged people in the US, India and the rest of the world. HAGI also works for the health, information technology and innovation sector.
Disney Star India and Viacom-18 merged in November.
Earlier in November, the merger of Disney Star India and Reliance’s Viacom-18 took place. This also includes Disney Hotstar and Jio Cinema. These two companies announced it on Thursday November 14. After this merger, it became the largest entertainment network in the country.
Disney-Reliance Entertainment now has 75 crore viewers, with 2 above i.e. OTT and 120 channels. Reliance has invested Rs 11,500 crore for this joint venture. The merger process had been underway for a year.
The two companies said, “This deal was concluded for Rs 70,352 crore. Reliance will hold 63.16% stake and Disney will hold 36.84% stake in the company formed after the merger. The president of this new company will be Nita Ambani. The vice-president will be Uday Shankar. These will provide strategic direction to the company.
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Reliance’s profit of ₹16,563 crore in July-September quarter: 4.77% lower on a year-on-year basis; Jio’s net profit rose 14% to ₹6,231 crore
Reliance Industries today (October 14) reported results for the second quarter of the financial year 2024-25. In this, the company made a profit of Rs 16,563 crore. There was a decline of 4.77% on an annual basis. In the same quarter a year ago, the company’s consolidated net profit was Rs 17,394 crore.
At the same time, the company’s revenue during the July-September quarter was Rs 2,35,481 crore. In the same quarter a year ago, the company had generated a revenue of Rs 2,34,956 crore. There was a slight increase of 0.22% on an annual basis.