Narayana Hrudayalaya to buy NewRise Healthcare from Panacea Biotec for Rs 180 cr

Bengaluru-based healthcare services provider Narayana Hrudayalaya Ltd has struck a deal to buy NewRise Healthcare Private Ltd from Panacea Biotec Ltd for Rs 180 crore in cash, including debt.

Panacea Biotec had put Gurgaon-based NewRise Healthcare for sale in 2014 and was hoping to fetch around Rs200 crore.

NewRise has multi-specialty hospital which is in final stages of completion and is expected to be commissioned within the next 9 months.

Located in South-Western part of NCR, Narayana Hrudayalaya said that the acquisition will complement its East Delhi based Dharamshila Narayana Superspeciality Hospital which is presently an oncology focused unit and will be upgraded to a multispeciality tertiary care unit.

Commenting on the transaction, Dr Ashutosh Raghuvanshi, vice chairman, managing director and Group CEO at Narayana Hrudayalaya, said ''This development is a step forward in the direction towards reinforcing the newly formed Northern cluster. It also echoes our group's commitment towards developing this region as vibrant as the existing Karnataka and Eastern clusters.

In 2000, Dr Devi Shetty had set up Narayana Hrudayalaya, which operates a chain of 23 multi-specialty healthcare facilities and a hospital overseas at Cayman Islands.

It also has 7 heart centres and 24 primary care facilities across 31 cities with 5,700 operational beds and a potential to reach a capacity of up to 6,900 beds.

It is now India's third-largest hospital chain by revenue and market value after Apollo Hospitals and Fortis Hospital.