Acquisition of Karkinos adds another stack in Reliance health portfolio: Morgan Stanley

New Delhi [India], December 30 (ANI): The acquisition of the oncology platform Karkinos Healthcare by Reliance Industries Limited has added another stack to the Indian conglomerate's diagnostic and digital healthcare ecosystem, asserted Morgan Stanley in a research report Monday.

Over the past five years, according to the investment banking company, Reliance has announced USD 13 billion in acquisitions with 14 per cent in new energy, 48 per cent in TMT, 9 per cent in retail, and increasingly more in healthcare.

On Saturday, Reliance Industries indicated that it has acquired a 100 per cent stake in Karkinos Healthcare for USD 42.7 million, increasing its exposure to the diagnostic and healthcare ecosystem following previous investments like HAGI, Netmeds and Strand Life Science.

The acquisition was made through Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of the parent company.

Karkinos was incorporated in India on July 24, 2020, and is in the business of providing technology-driven, innovative solutions for the early detection, diagnosis, and management of cancer.

It acts like a care partner during a patient's cancer treatment.

"RIL aims to leverage its technological expertise and vast distribution networks to create more integrated healthcare system-digital health platforms, telemedicine services and advanced healthcare delivery models," Morgan Stanley said in the report today. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)