Malaysia’s IHH Healthcare Bhd on Friday said it will acquire the remaining stake in hospital chain operator Ravindranath GE Medical Associates (RGE), held by Ravindranath Kancherla and his affiliates, for around Rs 740 crore. IHH Healthcare has inked the agreement to acquire the stake in RGE through its wholly-owned subsidiary Gleneagles Development.
Kancherla is the founder of RGE, which owns the chain of Gleneagles Global Hospitals, a leading tertiary and quaternary healthcare chain.
Gleneagles Global Hospitals operates six multi-super-speciality hospitals across Hyderabad, Chennai, Bengaluru, and Mumbai, with a capacity of around 1,500 beds.
“This latest investment is a significant milestone in IHH’s expansion strategy and long-term goals in India. Backed by unparalleled clinical outcomes, the acquisition strengthens our position in the country,” IHH Healthcare India CEO Anurag Yadav said in a statement.
The transaction is expected to be completed by the fourth quarter of 2023, it said.
With this transaction, IHH will strengthen its leading position as a tertiary and quaternary care platform, including multi-organ transplants, in India and across its key markets, it added.
IHH operates various brands like Acibadem, Mount Elizabeth, Prince Court, Gleneagles, Fortis, Pantai and Parkway.
