Manipal Hospitals, the second-largest hospital chain in India, has acquired 87% stake in Kolkata-based hospital chain Medica Synergie, stated a press release. This acquisition is in line with Manipal Hospitals’ strategy of expanding its footprint and presence in Eastern India as the leading hospital chain in the region.
Though the company has not disclosed, the deal has valued Medica Synergie at Rs1200 crore, said sources. Manipal has acquired the stake in Medica Synergie from Sheares Health, the healthcare platform owned by Singapore’s Temasek Holdings. Sheares is the majority stakeholder in Manipal Hospitals.
By leveraging the clinical expertise and infrastructure of Medica Synergie, along with the combined operations of its extensive network, Manipal Hospitals will be well-positioned to meet the increasing demand for high quality tertiary and quaternary healthcare services in Eastern India, it added. Last year, Manipal Hospitals expanded its presence in Eastern India with the acquisition of an 84% stake in Emami Group’s Kolkata-based AMRI Hospitals Ltd.
With the acquisition of Medica, Manipal Hospitals treats 7 million patients annually across 37 hospitals spanning 19 cities in 14 states. The addition of Medica has pushed the current hospital bed count from over 9,500 to over 10,500.
“With this acquisition, Manipal Hospitals builds on its strong presence in Eastern India, enabling us to expand our reach and meet the healthcare needs of this under-served region,”said Dilip Jose, MD & CEO, Manipal Hospitals. We will integrate Medica Synergie into our portfolio and rebrand it. Together, we are poised to deliver enhanced, exceptional quality healthcare to our patients across Eastern India, including the cities of Kolkata, Siliguri, and Ranchi, he added.
In last year, Temasek Holdings had acquired an additional 41% stake from existing investors and the promoter family for Rs16,500 crore. This deal made Temasek the largest and controlling shareholder in Manipal Health Enterprises through its unit Sheares Health with a total stake of 59%. The transaction valued the chain of hospitals run by the Pai family at Rs 40,000 crore, inclusive of debt.
