Aster DM Healthcare Ltd, a healthcare chain operating across the Gulf and India, on Thursday said its subsidiary has acquired 100 per cent stake in Adiran IB Healthcare Private Limited.
Dr. Ramesh Cardiac and Multispecialty Hospital Private Limited, the subsidiary of Aster DM Healthcare Limited said that the acquisition would be complete by 31 January, 2023.
The acquisition will cost ₹1.6 crore. The deal is in cash consideration.
“Dr. Ramesh Cardiac and Multispeciality Hospital Private Limited (“DRCMH”), a subsidiary of Aster DM Healthcare Limited (‘the Company’) has signed a share purchase agreement to acquire 100% stake in Adiran IB Healthcare Private Limited on December 28, 2022,” Aster DM said in its regulatory filing.
“Adiran IB Healthcare Private Limited is a 50 bedded hospital which is being added as part of expansion to provide healthcare services,” the filing added.
Adiran IB Healthcare had a turnover of ₹9.66 crore in FY 2021-22. This is against a turnover of ₹8.62 crore in FY20-21.
The company’s net profit declined 57 percent to ₹46.21 crore in the quarter ended September 2022 as against ₹106.91 crore in the year-ago period. Meanwhile, its revenue from operations rose 12.46 per cent to ₹2,816.30 crore in the quarter under review versus ₹2,504.34 crore during the previous quarter ended September 2021.
Recently, Aster DM Healthcare, a healthcare service provider in the GCC and India, has signed a contract with Iraq’s Faruk Medical City to collaborate on capability development, academic and professional training programmes for healthcare professionals in the country.
Source: Mint