Manipal Hospitals finalizing ₹1,400 crore Medica Synergie deal; to outpace Apollo

Manipal Health Enterprises is poised to outpace Apollo Hospitals to emerge as the largest hospital chain in India as it nears finalizing a significant majority stake acquisition in Kolkata-based Medica Synergie Private Ltd.

Sources, preferring anonymity, disclosed that negotiations for the approximately Rs 1,400 crore deal are at an advanced stage, with Manipal gearing up to publicly announce the agreement later this month.

Upon completion, the partnership with Medica Synergie will augment Manipal’s current capacity of 9,500 beds with an additional approximately 1,200 beds, surpassing market leader Apollo Hospitals, which currently operates just over 10,000 beds. Medica Synergie operates four hospitals across West Bengal and Jharkhand in Eastern India.

In April 2023, Singapore’s Temasek Holdings entered an agreement to acquire a 41% stake in Manipal Health Enterprises, boosting its overall shareholding to 59% when combined with the stake held by its wholly-owned subsidiary, Sheares Healthcare Group.

Presently, Manipal Health Enterprises manages 33 facilities spanning 17 cities, while Apollo Hospitals Enterprise Limited, headquartered in Chennai, oversees a network of 71 hospitals.

Since September 2023, these two healthcare giants have been in a tight race, following a majority stake acquisition in AMRI Hospitals by the Emami Group, backed by billionaire Dr. Ranjan Pai, for Rs 2,300 crore, elevating Manipal’s cumulative bed capacity to 9,500. Apollo Hospitals, on the other hand, plans to add 2,000 beds over the next three years, according to publicly available information. Voice of HealthCare