Manipal Hospitals, the second largest hospital chain in India, has acquired Bengaluru based multi-specialty hospital, Vikram Hospital. Manipal has entered into a definitive agreement with the ownerMultiples Private Equity Fundfor a 100% acquisition ofVikram Hospital, making this its 10th hospital in the city, said a company statement.
Set up in 2009, Vikram Hospital is a 200 bedded high end tertiary care facility located in the central business district and focused in the fields of Cardiac and Neuro Sciences.
Manipal is in talks for Bangalore-based Vikram Hospitals, owned by Renuka Ramnath-led PE fund Multiples, ET first reported in April. Manipal is looking at Vikram as a bolt-on acquisition to further consolidate its position in the home turf, ET report added.
Manipal Health Enterprise is also engaged in talks to buy the Kolkata-basedAMRI(Advanced Medical Research Institute) Hospitals, seeking to build a robust presence in eastern India after having acquired Columbia Asia Hospital Group’s local assets last year, ET had reported.
Once these acquisitions materialise, the IPO-bound Manipal will have about 8,750 beds, inching closer to Apollo Hospitals that has 10,000 beds across the country.
“Manipal Hospitals has been the top ranked healthcare provider in Bengaluru for over two decades and this addition is reiteration of our commitment to meet the healthcare needs of the city and the region,” said Dr Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG). 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, Pai added.
With this latest addition, Manipal Hospitals now has 27 hospitals spread across 14 cities, more than 7,300 beds and a talented pool of 4,000 doctors and over 11,000 employees. The Hospital Group is also scouting to expand its footprint in eastern India and to further enhance its presence in the existing geographies, said the statement.
In November, Manipal Hospitals had acquired 100% stake in Columbia Asia’s India footprint – 11 hospitals across the country in Bangalore, Kolkata, Gurugram, Ghaziabad, Patiala and Pune, for Rs 2000 crore.
Earlier this month, National Investment and Infrastructure Fund (NIIF) had invested Rs 2,100 crore in Manipal Hospitals to acquire a small minority stake from promoter Ranjan Pai. The investment will be used to finance its recently concluded buyout of Columbia Asia Hospitals.
Private equity fund TPG Capital holds 22% stake in Manipal Health, Singapore Government’s investment arm Temasek Holdings Pte holds 18% stake while the rest is with promoter Ranjan Pai.