26 - Aug - 2023: IHH Healthcare Bhd (“IHH”), through its wholly-owned subsidiary Gleneagles Development Private Limited, has today entered into an agreement to buy out the entire remaining stake held by Dr Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates Private Limited (“RGE”) for a total purchase consideration of approximately INR 7,400 million (equivalent to approximately RM 415 million).
Dr Ravindranath is the founder of RGE, which owns the chain of Gleneagles Global Hospitals, a leading tertiary and quaternary healthcare chain in India, including specialising in comprehensive multi-organ transplant services. Gleneagles Global Hospitals operates 6 multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore, and Mumbai, with a capacity of approximately 1,500 beds and state of the-art, world-class facilities.
“This transaction reflects our continued commitment and strategic focus in the healthcare sector in India. We thank Dr Ravindranath Kancherla, the founder of RGE, for the partnership over the last eight years and the opportunity to build on his pioneering work.” Ashok Pandit Group Chief Strategy and Business Development Officer, IHH Healthcare.
“This latest investment is a significant milestone in IHH's expansion strategy and long-term goals in India. Backed by unparalleled clinical outcomes, the acquisition strengthens our position in the country. Demonstrating our commitment to delivering exceptional care and advanced solutions to complex medical challenges, we strive to fulfil our aspiration of Care. For good.” Said Anurag Yadav Chief Executive Officer, IHH Healthcare India
The transaction is expected to be completed by the fourth quarter of 2023. With this transaction, IHH will strengthen its leading position as a tertiary and quaternary care platform, including multi-organ transplants, in India and across its key markets.
*This press release is published by VOH team.*
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