INDIA – CritiCare Asia Multispecialty Hospital and Research Center has announced the acquisition of Kurla’s Kohinoor Hospital, the company said in a statement, without disclosing the financial details of the transaction.
The acquisition will aid in meeting the growing demand for high-quality healthcare infrastructure and facilities.
CritiCare Asia Hospitals and Research Center, founded in 1999 by pulmonologist and critical care specialist Dr Deepak Namjoshi and Masuuma Namjoshi, began operations in Juhu.
They opened a second location in Andheri East in 2014. CritiCare Asia Multispecialty Hospitals are NABH accredited and have touched the lives of millions of people over the past 22 years.
Kohinoor Hospital was founded in December 2009 by Unmesh Manohar Joshi. Kohinoor Hospital is outfitted with cutting-edge technology, skilled healthcare professionals, and high-quality medical equipment.
The hospital is Leadership in Energy and Environmental Design (LEED) Platinum certified.
Dr Deepak Namjoshi, Medical Director, CritiCare Asia Hospitals commented: “We are extremely delighted to welcome Kohinoor Hospital to the CritiCare Asia family as this acquisition is a good strategic fit for us.”
“The acquisition is an extension of CritiCare’s commitment to providing accessible and quality healthcare for all sections of society. With our founding values at the epicentre of all we do, we continue to strengthen our team and infrastructure to better serve our patients.”
This acquisition will increase CritiCare Asia Hospitals’ footprint by 200,000 square feet and capacity by adding 250 more beds to the available inventory.
With this addition, CritiCare Asia Multispecialty Hospitals will now have three facilities in Mumbai, each with a large pool of medical and paramedical staff to address all major and minor health issues.
CritiCare Asia is also nearing the completion of a new hospital in Malad West Linking Road which should be operational soon.
In 2021, the healthcare sector as a whole was humming with activity. The hospital industry saw its fair share of mergers and acquisitions, private equity transactions, and initial public offerings (IPOs).
Manipal Hospitals, for example, continued its acquisition spree last year by purchasing Vikram Hospital, which was owned by the private equity firm Multiples.
Manipal had raised Rs 2,100 crore (US$278.76 million) from the National Investment and Infrastructure Fund (NIIF) in April.
Dr Agarwals Eye Hospital acquired Mumbai-based Aditya Jyot Eye Hospital in October to expand into Maharashtra.
In June of last year, General Atlantic-backed hospital chain Krishna Institute of Medical Sciences (KIMS) went public, and a few months later purchased a majority stake in Sunshine Hospitals.
Earlier, among the top deals in this space, National Investment and Infrastructure Fund invested US$283 million in Manipal Hospitals, and private equity firm KKR backed the US$324 million buyout of Max Healthcare through Radiant Life Care.
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