IHH Plans To Sell Two Hospital Assets In India

Malaysia’s healthcare group, IHH Healthcare Bhd plans to dispose of two hospital assets in South India due to differences with its local partners, Indian media reported.

Citing unnamed sources, the Economic Times said on Wednesday that the Malaysian hospital operator aims to dispose of its 62.2 per cent stake in Hyderabad-based Continental Hospitals and 74 per cent share in Global Hospitals to its Indian partners.

IHH acquired Continental and Global Hospitals in 2015 and had strengthened its position in the Indian healthcare market last year after purchasing the hospital chain, Fortis Healthcare Ltd.

The Continental facility in Hyderabad has a capacity of 750 beds while Global Hospitals offered about 2,000 beds in the cities of Hyderabad, Chennai, Bangalore and Mumbai.

The news report said that Gurunath Reddy, Continental’s founder and chairman, has been trying to find an investor who can help to buy the shares from IHH, while K Ravindranath, founder and chairman of Global Hospitals, has been in talks with private equity investors for a deal.- Bernama