The company is scouting for expansion opportunities in eastern India.
Manipal Hospitals, the second largest hospital chain in India, entered into a definitive agreement with private equity firm Multiples to acquire 100% stake in Bengaluru-based multi-specialty hospital Vikram Hospital for a consideration of ₹350 crore.
In April this year, Manipal Hospitals had acquired Columbia Asia Hospitals for ₹2,100 crore.
Set up in 2009, Vikram Hospital is a 200-bed tertiary care facility located in the central business district and is best known for its clinical expertise in the fields of cardiac and neuro sciences.
Commenting on the deal, Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), said: “This reiterates our commitment to meet the healthcare needs of the city and the region. There are two greenfield hospitals that are currently under construction and once they are complete in the next 24 months, our network of 12 hospitals with over 2,300 beds would be best placed to provide ease of access and comprehensive care to everyone across this fast growing city.”
Renuka Ramnath, Founder, Managing Director and CEO, Multiples, said “We are very pleased that we are handing over this marquee asset to an extremely worthy Manipal Hospital Group. With this larger canvas, our doctors will have the ability to have a deeper impact on the healthcare needs of the city.”
With Vikram Hospital in its stable, Manipal Hospitals now has 27 hospitals, more than 7,300 beds, a pool of 4,000 doctors and over 11,000 employees across 14 cities.
Allegro Capital acted as financial advisors while PwC served as financial and tax diligence advisors and Trilegal as legal advisors for Manipal Hospitals on Virakram Hospital deal.
The Manipal Group is also scouting to expand its footprint in eastern India and to further enhance its presence in the existing geographies.
Crime Today News | Business