Manipal Health Enterprise that runs the eponymous hospital chain from Bangalore has resumed talks to buy the Kolkata-based AMRI (Advanced Medical Research Institute) Hospitals, seeking to build a robust presence in eastern India after having acquired Columbia Asia Hospital Group’s local assets last year.
Both sides have signed a time-bound exclusivity agreement for bilateral negotiations, people aware of the talks told ET.
The due diligence exercise is also in its advanced stages. Manipal is believed to have made an offer of ₹1,500 crore for AMRI.
Manipal, Global Hospitals, and Devi Shetty-owned Narayana Health had each earlier evaluated the AMRI chain for acquisition since 2018, but the deal did not materialise then due to mismatches in valuations. At that time, AMRI was valued around ₹1,000-1,200 crore, said one of the sources.
Emami Group-owned AMRI operates 1,200 beds through three multi-speciality hospitals in Kolkata and one in Bhubaneswar.
If the negotiations translate into a deal, then Ranjan Pai led Manipal —- already one of India’s largest multi-speciality healthcare providers -will become the largest private hospital operator in the eastern region, which also acts as a healthcare hub for neighbouring Bangladesh, Nepal, Bhutan and even the seven northeastern states.
Besides AMRI, Manipal is also in talks for Bangalore-based 250-bed Vikram Hospitals, owned by Renuka Ramnath-led PE fund Multiples.
Once these acquisitions materialise, the IPO-bound Manipal will have about 8,750 beds, inching closer to Apollo Hospitals that has 10,000 beds across the country.