Malaysian hospital chain IHH Healthcare Bhd, through its wholly-owned subsidiary Gleneagles Development Private Limited, has agreed to acquire the remaining stake held by Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates Pvt. Ltd for Rs 740 crore (around $89.6 million).
With this deal, IHH aims to strengthen its position as a tertiary and quaternary care platform, including multi-organ transplants, in India and across its key markets, said a disclosure.
Founded in 1999, Gleneagles Global Hospitals operates six multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore and Mumbai, with a capacity of approximately 1,500 facilities.
“This latest investment is a significant milestone in IHH's expansion strategy and long-term goals in India. Demonstrating our commitment to delivering exceptional care and advanced solutions to complex medical challenges, we strive to fulfill our aspiration of care for good,” said Anurag Yadav, chief executive officer, IHH Healthcare India.
In 2015, IHH acquired 73.4% stake in Global Hospital for Rs 1,284 crore.
The transaction is expected to be completed by the fourth quarter of 2023.
The chain operates verticals such as Acibadem, Mount Elizabeth, Prince Court, Gleneagles, Fortis, Pantai, and Parkway. Offering services such as primary to quaternary and ancillary services such as laboratory, diagnostics, imaging, and rehabilitation.
It has a presence in 10 countries, such as Malaysia, Singapore, Turkey, India, and Greater China (including Hong Kong).