Max Healthcare to acquire Sahara Hospital for Rs940 cr
12 Dec 2023
Max Healthcare Institute has agreed to acquire Lucknow-based Sahara Hospital, as it looks to expand its operations in the country.
The acquisition is being made through acquisition of 100 per cent stake in Starlit Medical Centre Pvt Ltd, which in turn, has entered into a business transfer agreement with Sahara India Medical Institute Ltd to acquire the Sahara Hospital, on a slump sale basis, the company informed stock exchanges.
The acquisition of the 550-bed Sahara Hospital will help Mumbai-based Max Healthcare expand its presence in the north, where it already has 17 hospitals.
Sahara Hospital, which caters to about 2 lakh patients every year, expects to close the current fiscal with revenues of about Rs200 crore, Max Healthcare stated in its filing.
The total consideration of Rs940 crore includes amount payable to financial creditor and sellers, according to the filing.
Sahara Hospital offers multi-disciplinary care in specialties, including Gastroenterology, Neuro, Surgery, Cardiology, Pulmonology and diagnostics.
The 17-storey hospital, situated at Gomti Nagar, a commercial hub in Lucknow, owns a 27-acre land parcel, which also houses a nursing college.
Sahara Hospital has the potential to quickly ramp up beds and expand medical programmes such as oncology and transplants.
The hospital industry in India has seen a spate of mergers and acquisition in recent times with deals above Rs33,350 crore in 2022 and Rs18,340 crore in the first five months of this year.
In September this year, Manipal Hospitals acquired an 84 per cent stake in AMRI Hospitals to expand its presence in eastern India.
