- Statements assess the venture at Rs 2100 crore.
- The joint venture will own 27 hospitals over 15 cities.
THDNewsDesk: Manipal Hospitals has declared its plan to obtain a 100 percent stake in Columbia Asia Hospitals (Columbia Asia). The change of control is awaited to finished post administrative approvals. Statements assess the venture at Rs 2100 crore.
The merged enterprise will collectively own 27 hospitals over 15 cities with 7,300+ beds, 4,000+ doctors, and 10,000+ employees while serving more than 4 million patients yearly. It makes it one of the enormous healthcare provider channels in India.
Dr. Ranjan Pai, Chairman, Manipal Education, and Medical Group (MEMG), commented on the deal’s motive. He stated that Columbia Asia acquisition would ensure them “bigger, stronger and uniquely positioned to meet the growing expectations of the communities we serve across the country.”
Dan Baty, Chairman, Columbia Pacific Management, shared his view on the venture by adding, “From day one, we focused on building a culture of putting the patient first to deliver the highest quality healthcare with integrity and exceptional service. This combination of Columbia Asia and Manipal Hospitals is fascinating because of the strong cultural alignment between the two companies – and the opportunity it provides for continued growth.”
Allegro Capital advised Manipal Health Enterprise. While Columbia, Pacific guided Morgan Stanley.