IHH buys out balance stake in Global Hosp for Rs 740 cr
Gleneagles Global Hospitals operates six multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore, and Mumbai, with a capacity of approximately 1,500 beds.
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KUALA LUMPUR: Malaysian hospital chain IHH Healthcare Bhd (“IHH”), through its wholly-owned subsidiary Gleneagles Development Private Limited, on Friday 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 approximately Rs 7,400 million (Rs 740 crore).
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 six multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore, and Mumbai, with a capacity of approximately 1,500 beds.
“This transaction reflects our continued commitment and strategic focus in the healthcare sector in India,” noted Ashok Pandit, group chief strategy and business development officer, IHH Healthcare.
The transaction is expected to complete by the fourth quarter of 2023. With this deal, IHH will strengthen its leading position as a tertiary and quaternary care platform, including multi-organ transplants, in India and across its key markets.
“This latest investment is a significant milestone in IHH’s expansion strategy and long-term goals in India. Backed by unparalleled clinical outcomes, the acquisition strengthens our position in the country,” said Anurag Yadav, CEO, IHH Healthcare India.
