Manipal Hospitals, the second-largest hospital chain in India, has completed its acquisition of 84% stake in AMRI Hospitals Ltd. The acquisition fits into the growth strategy of Manipal Hospitals to have a larger footprint and expanded presence in eastern India as the largest hospital chain in that region, stated a company release.
“Manipal Hospitals always had patrons from eastern India and countries in the region like Bangladesh. This acquisition is in sync with our objective to further strengthen our presence and serve the patients in Eastern India – an underserved area when it comes to healthcare,” said Dr. Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG).
After the prolonged negotiations and court battles, Manipal Health Enterprise signed the deal to acquire the Kolkata-based AMRI (Advanced Medical Research Institute) Hospitals, in a deal worth Rs 2,400 crore, ET reported in March.
Manipal will pay about 75% of the transaction now and the remaining will be paid after a year, as per the agreement, ET reported. The Manipal-AMRI negotiations were started in 2018.
With this addition, Manipal Hospitals would now serve patients in its 17th city in India in Bhubaneswar (Odisha), stated the release.
The hospital chain has operations in Dhakuria, Mukundapur & Salt Lake (all in Kolkata) and another at Bhubaneswar, Odisha, comprising more than 1,200 beds, over 800 doctors, and 5,000-plus healthcare professionals.
Post AMRI acquisition, Manipal will have 33 hospitals across 17 cities with 9,500 beds, and a talent pool of over 5,000 doctors and 20,000 employees.
“We will continue as an investor in AMRI Hospitals with a 15% stake. The Government of West Bengal will also have 1% stake in AMRI Hospitals. AMRI has been very close to our heart, and we feel privileged to have served the people with one of the best healthcare services in India,” said Aditya Agarwal & Mr. Manish Goenka, Directors, Emami Group.
Treating nearly 5 lakhs patients annually with the most advanced technology, AMRI is ranked as one of the largest healthcare provider networks in Eastern India.
Source: Economic Times