Connect with us

Headlines of The Day

Manipal Hospitals in advanced talks to acquire AMRI for Rs 1100 cr

After completing the Rs 2,350-crore acquisition and rebranding exercise of Columbia Asia and Vikram Hospitals on November 8, Manipal Hospitals is in advanced stages of talks to acquire AMRI Hospitals from Emami Group. According to sources, the value of the deal is likely around Rs 1,100 crore.

“We expect clarity on the finalisation of the deal by the middle of next month. The value is expected to be around Rs 1,100 crore,” said a source aware of the development.

Dilip Jose, managing director and chief executive officer, Manipal Health Enterprises, refused to comment on this.

Aditya V Agarwal, director, Emami Group, did not respond to questions till the time of going to press.

AMRI has five hospitals in the country, including four in Kolkata (Dhakuria, Mukundapur, Salt Lake, Southern Avenue) and one in Bhubaneswar.

It was in May and June that the group had gone for two major acquisitions in the form of Columbia Asia and Vikram Hospitals.

Columbia Asia Hospitals was acquired at a value of Rs 2,100 crore, while Vikram Hospitals was acquired for Rs 350 crore.

After the acquisition, Manipal Group became the second-largest private hospital in the country, having 7,600 beds across 27 hospitals in 14 cities with a total staff strength of 20,000. The group is reportedly looking for further inorganic growth.

Both the newly acquired groups were rebranded Manipal Hospitals on November 8. Billionaire Ranjan Pai-controlled Manipal Hospitals also came out with a new logo after the rebranding exercise.

Earlier this year, Manipal Hospitals had received an investment of around Rs 2,100 crore through the Strategic Opportunities Fund, the direct private equity fund of the National Investment and Infrastructure Fund. Business Standard