INDIA – Manipal Hospitals, the second largest hospital chain in India, has acquired 100% stake in Bengaluru-based multi-specialty hospital Vikram Hospital for a USD 47.9 million.
The hospital which is working to expand its operation in Eastern India also acquired Columbia Asia Hospitals in April this year for about 300 USD. Manipal hospitals now has ten operational hospitals in Bengaluru city.
Set up in 2009, Vikram Hospital is a 200-bed tertiary care facility located in the central business district and is best known for its clinical expertise in the fields of cardiac and neuro sciences.
Commenting on the deal, Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), said: “This reiterates our commitment to meet the healthcare needs of the city and the region. 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.”
Renuka Ramnath, Founder, Managing Director and CEO, Vikram, said “We are very pleased that we are handing over this marquee asset to an extremely worthy Manipal Hospital Group. With this larger canvas, our doctors will have the ability to have a deeper impact on the healthcare needs of the city.”
With Vikram Hospital in its stable, Manipal Hospitals now has 27 hospitals, more than 7,300 beds, a pool of 4,000 doctors and over 11,000 employees across 14 cities.
India has one of the worlds most renown healthcare systems with most of African countries looking up to India as a chief healthcare service provider. According to India Brand Equity Foundation, Indian healthcare sector is expected to reach US$ 193.83 billion by 2020.
Rising income level, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance would be the key contributors to growth. However, the industry has taken a hit during this time when the Southern Asia country is experiencing major surges in Covid numbers.
India is already in preparation for a possible 3rd wave of infections which is anticipated to be as grimacing as the second wave. Since its onset, the covid-19 second wave has claimed lives of close to 600 doctors, according to the Indian Medical Association (IMA), painting a picture of its severity.
The Manipal Group is also scouting to expand its footprint in eastern India and to further enhance its presence in the existing geographies.