IHH Healthcare Increases Majority Stake in India’s Gleneagles Global Hospitals Chain in Line with its Growth Strategy in India
By NewsVoir
IHH Healthcare Bhd (“IHH”), through its wholly-owned subsidiary Gleneagles Development Private Limited, has today entered into an agreement to buy out the entire remaining stake held by Dr Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates Private Limited (“RGE”) for a total purchase consideration of approximately INR 7,400 million (equivalent to approximately RM 415 million).
“This transaction reflects our continued commitment and strategic focus in the healthcare sector in India. We thank Dr Ravindranath Kancherla, the founder of RGE, for the partnership over the last eight years and the opportunity to build on his pioneering work,” Ashok Pandit Group Chief Strategy and Business Development Officer, IHH Healthcare.
Dr Ravindranath is the founder of RGE, which owns the chain of Gleneagles Global Hospitals, a leading tertiary and quaternary healthcare chain in India, including specialising in comprehensive multi-organ transplant services. Gleneagles Global Hospitals operates 6 multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore, and Mumbai, with a capacity of approximately 1,500 beds and state- of the-art, world-class facilities.
“This latest investment is a significant milestone in IHHs expansion strategy and long-term goals in India. Backed by unparalleled clinical outcomes, the acquisition strengthens our position in the country. Demonstrating our commitment to delivering exceptional care and advanced solutions to complex medical challenges, we strive to fulfil our aspiration of Care. For good,” Anurag Yadav Chief Executive Officer, IHH Healthcare India.
The transaction is expected to complete by the fourth quarter of 2023. 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.
About IHH Healthcare Berhad (“IHH“)
A world-leading integrated healthcare provider, IHH believes that making a difference starts with our aspiration to Care. For Good.
Our team of 65,000 people commit to deliver greater good to our patients, people, the public and our planet, as we live our purpose each day to touch lives and transform care.
Through our portfolio of trusted brands – Acibadem, Mount Elizabeth, Prince Court, Gleneagles, Fortis, Pantai and Parkway – we offer our patients comprehensive and personalised care ranging from primary to quaternary, and even ancillary services such as laboratory, diagnostics, imaging and rehabilitation.
With our scale and reach in 10 countries, we continue to raise the bar in healthcare in our key markets of Malaysia, Singapore, Trkiye, India, Greater China (including Hong Kong) and beyond.
In partnership with our stakeholders, we will co-create a sustainable future for all as we work towards our vision to become the world’s most trusted healthcare services network.
More information can be found at www.ihhhealthcare.com.
Disclaimer: The above press release has been provided by NewsVoir. GrowNxtDigital will not be responsible in any way for the content of the same.
