Malaysia’s IHH Healthcare Bhd will purchase the remaining stake held by Dr. Ravindranath Kancherla and his associates in hospital-chain operator Ravindranath GE Medical Associates Private Ltd. (RGE) for ₹740 crore, the corporate stated in an announcement.
IHH Healthcare has signeed the settlement to purchase the stake in RGE by means of its wholly-owned subsidiary Gleneagles Development.
Founded by Dr Ravindranath, RGE owns Gleneagles Global Hospitals which operates 6 multi-super-specialty hospitals throughout Hyderabad, Chennai, Bengaluru, and Mumbai, with a capability of about 1,500 beds and associated amenities.
“This transaction reflects our continued commitment and strategic focus in the healthcare sector in India.” Ashok Pandit, Group Chief Strategy and Business Development Officer, IHH Healthcare stated in an announcement.
“This latest investment is a significant milestone in IHH’s expansion strategy and long-term goals in India. The acquisition strengthens our position in the country,” stated Anurag Yadav, Chief Executive Officer, IHH Healthcare India.
The transaction is predicted to be accomplished by the fourth quarter of 2023, the corporate stated.
