RIL Shells Out $12 Bn On Buyouts In 5 Years

New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) has spent $13 billion on acquisitions in the past five years across new energy, telecom, retail and media business to script a pivot away from core oil and petrochemicals business to clean energy and consumer facing verticals.

Last week, Reliance bought oncology platform Karkinos Healthcare for Rs375 crore, adding another stack to its diagnostic and digital healthcare ecosystem, Morgan Stanley said in a report. “Over the past five years, RIL has announced $13 billion in acquisitions with 14 per cent in new energy, 48 per cent in technology, media and telecommunications (TMT), 9 per cent in retail, and increasingly more in healthcare,” it said.

Of this, $6 billion was in acquisition of companies and assets in media and education business and $2.6 billion in telecom and internet verticals. It spent $1.7 billion on acquisitions in new energy and $1.14 billion in retail, according to Morgan Stanley. RIL’s biggest acquisition in the last five years has been buyout of local cable TV and internet service providers Hathway Cable and Datacom Ltd for $981 million. It spent $771 million on buying Norwegian-headquartered solar panel maker REC Solar Holdings and another $767 million on buying search and database firm JustDial, the report said.

Last week, it acquired a 100 per cent stake in Karkinos Healthcare, increasing its exposure to the diagnostic and healthcare ecosystem following previous investments like HAGI, Netmeds and Strand Life Science. Karkinos provides technology driven, innovative solutions for early detection, diagnosis and management of cancer, according to Morgan Stanley.

It acts like a care partner during a patient’s cancer treatment. Other investors in the company have included Tata Group, Rakuten, Mayo Clinic, and Hero Enterprise.