Reliance Industries arm buys insolvent Karkinos Healthcare for Rs 352 crore
Reliance Strategic Business Venture Limited, a subsidiary of Mukesh Ambani-led Reliance Industries Ltd, has successfully bid for Karkinos Healthcare Pvt Ltd, a Mumbai-based technology-led oncology platform. The Mumbai Bench of the NCLT on 9th December 2024 approved Reliance Strategic Business Venture Limited’s Rs 352-crore resolution plan. Earlier, the Committee of Creditors (CoC) had approved the plan by 100 vote share.
As per the resolution plan, Reliance Strategic Business Venture Limited would pay 100% of the admitted claims of the creditors. The resolution plan offers to pay Rs 37.59 crore – same as the admitted amount – to secured financial creditors. Unsecured financial creditors would receive Rs 65.12 crore. Operational creditors have been provided with Rs 99.45 crore under the resolution plan.
The plan also envisages infusing Rs 150 crore for meeting working capital and/or capital expenditure requirements and/or funding other operational improvements of the Karkinos Healthcare. The corporate debtor was fair valued at Rs 212 crore while its liquidation value was estimated to be Rs 167 crore.
Karkinos Healthcare Pvt Ltd, is a purpose driven technology-led oncology platform, focused on delivering quality healthcare. The company was dragged to insolvency court by operational creditor Labindia Instruments Private Limited April this year for defaulting on a payment of Rs 5.22 crore. LabIndia is in the business of manufacturing, supply and installation of lab equipment and setting up of labs.
Founded by R Venkataramanan, Karkinos Healthcare has claimed it uses technology and AI-based continuous feedback to provide oncology solutions to hospitals.
The company has been instrumental in the design and development of a ‘Hub & Spoke’ Cancer Care hospital network in the North East of India that comprises of 12 hospitals.
Reliance Strategic Business Venture, a subsidiary of Reliance Industries, makes strategic investments and also offers loans to group companies. At the end of March 2024, the company’s investments were valued at Rs 22,800 crore. The company had total assets of Rs 43,443 crore as on 31 March 2024.
Also Read: NCLT approves Orissa Metaliks Rs 595-cr bid for Metenere Limited
