Manipal Hospitals, India’s second largest hospital chain, on Wednesday announced its acquisition of 84 per cent stake in AMRI Hospitals Ltd, taking its bed capacity across the country to 9,500, a strong second national healthcare provider health of the country.
The company’s valuation was Rs 2,400 crore and AMRI’s books had a debt of Rs 1,600 crore, sources added.
The acquisition gives Manipal Hospitals a larger footprint and expanded presence in eastern India, making it the largest hospital chain in the region.
The Emami Group will retain a 15 per cent stake in the hospital chain as an investor, while the West Bengal government will continue to retain a 1 per cent stake, a joint statement said.
“The acquisition is part of Manipal Hospitals’ growth strategy to establish a larger presence in Eastern India, where we continue to grow despite already being the largest hospital chain in India. region. This acquisition will help us expand in Tier II cities of the eastern region,” Manipal Hospitals Managing Director and CEO Dilip Jose told PTI over phone. The integration of AMRI Hospitals will be done over the next 6 to next 8 months, including rebranding to Manipal Hospitals, he said without disclosing financial details.
The AMRI hospital chain currently operates across three locations – Dhakuria, Mukundapur and Salt Lake – in Kolkata, as well as in Bhubaneswar, with a combined capacity of over 1,200 beds, over 800 doctors and over 5,000 healthcare professionals.
“In an effort to focus on our core businesses, we have divested our majority stake in AMRI Hospitals, an important step in the stated objective of the Emami Group. However, we will continue to invest in AMRI hospitals with a 15 percent stake. The government of West Bengal will also retain 1 per cent stake in AMRI hospitals,” said Aditya Agarwal, director, Emami Group.
Ranjan Pai, chairman, Manipal Education and Medical Group, said in reaction, “Manipal hospitals have always had clients from eastern India and neighboring regions like Bangladesh. This acquisition is in line with our objective to further strengthen our presence and serve patients in Eastern India. , an underserved area in terms of healthcare, José hoped the brand would help significantly reduce the number of patients traveling to South India. Manipal now has 9,500 beds in 33 hospitals across 17 cities.
The Apollo Hospitals website claims to have 10,000 beds, spread across 64 hospitals.