Manipal Health Enterprises Pvt. Ltd. announced that it will buy the Indian assets of Columbia Asia Hospital Group for around Rs.1800 Crore. Manipal will also absorb the debt of Columbia Asia of Rs.300 Crore.
Manipal Hospitals is a multi-specialty healthcare providers catering to both Indian and international patients. Columbia Asia is an international healthcare group operating a chain of modern hospitals across Asia. Columbia Asia Hospitals Pvt. Ltd. was one of the first healthcare companies to enter India through 100% foreign direct investment (FDI) route.
Manipal Hospitals said the deal will help the hospital to geographically expand and that the acquisition will add more than 1300 beds across 11 hospitals in India. The combined entity will have 27 hospitals across 15 cities with more than 7200 beds, 4000 doctors and 10000 employees. Synergies are also expected as the doctors, nurses and paramedical staff Columbia Asia will be taken aboard and procurement of consumables and pharmacy will be streamlined.
“Columbia Asia makes a compelling strategic fit to our core values of clinical excellence, patient-centricity and ethical practices, and will help us advance our commitment to provide outstanding patient care,” said Ranjan Pai, chairman of Manipal hospital chain.
Acknowledgements: RBI Bulletin (www.bulletin.rbi.org.in), SEBI Bulletin (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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