Manipal Hospital buys 200-bed Vikram Hospital for Rs 350 crore

By Sanchari ChattopadhyayPublished On 2021-06-04T10:30:00+05:30 | Updated On 2021-06-04T15:35:48+05:30

Manipal Hospital buys 200-bed Vikram Hospital for Rs 350 crore

New Delhi: Manipal Hospitals, the second-largest hospital chain in India, has acquired the Bengaluru-based multi-speciality Vikram Hospital for a handsome amount of Rs 350 crore.

As per a recent report in The Hindu, Manipal hospitals entered into a definitive agreement with Multiples Private Equity Fund for a 100 per cent acquisition of the hospital for consideration of Rs 350 crore.

Allegro Capital acted as financial advisors while PwC served as financial and tax diligence advisors and Trilegal as legal advisors for Manipal Hospitals on the Virakram Hospital deal.

Prior to this, Manipal Hospitals had completed a 100 percent stake acquisition in Columbia Asia Hospitals Pvt Ltd for Rs 2,100 crore and became India's second-largest multi-speciality hospital chain.

Also Read: Manipal Hospitals buys Columbia Asia, becomes second-largest healthcare chain in India

With the acquisition of Vikram Hospital, Manipal has now 27 hospitals, over 7,300 beds, a pool of 4,000 doctors and over 11,000 employees across 14 cities.

This comes close on the heels of its acquisition of the India operations of Columbia Asia Hospitals in April 2021. Established in 2009, Vikram Hospital is a 200-bed high-end tertiary care facility best known for its clinical expertise in the fields of cardiac and neurosciences.

PTI reports that with this latest addition, Manipal Hospitals now has 27 hospitals spread across 14 cities, more than 7,300 beds and a pool of 4,000 doctors and over 11,000 employees, the statement said. The hospital group is also scouting to expand its footprint in eastern India and to further enhance its presence in the existing geographies, it added.

Commenting on the deal, Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), said: "This reiterates our commitment to meet the healthcare needs of the city and the region. There are two greenfield hospitals that are currently under construction and once they are complete in the next 24 months, our network of 12 hospitals with over 2,300 beds would be best placed to provide ease of access and comprehensive care to everyone across this fast growing city."

Renuka Ramnath, Founder, Managing Director and CEO, Multiples, said "We are very pleased that we are handing over this marquee asset to an extremely worthy Manipal Hospital Group. With this larger canvas, our doctors will have the ability to have a deeper impact on the healthcare needs of the city."

As per a recent media report in The Hindu, Manipal Group is further eyeing to expand its footprint in eastern India and to enhance its presence in the existing geographies.

Source : with agency inputs

Sanchari Chattopadhyay

Sanchari Chattopadhyay has pursued her M.A in English and Culture Studies from the University of Burdwan, West Bengal. She likes observing cultural specificities and exploring new places.