The new entity will be the third largest hospital chain nationally, in terms of revenues
Nearly two months after Radiant Life Care’s acquired49.7 per cent stake in Max Health Institute Limited (MHIL) for Rs 2136 crore, there has been a change in leadership at MHIL, including the reconstitution of its Board of Directors to reflect the new dispensation.
Abhay Soi, Chairman and Managing Director of Radiant, has been appointed as the Chairman of MHIL. The Board also includes U K Sinha, former Securities and Exchange Board of India (SEBI) Chairman along with Micheal Neeb, former President of HCA Healthcare – the largest hospital operator in the United States. They have been appointed as Independent Directors. In addition, Radiant has nominated Sanjay Nayar, Chief Executive Officer (CEO) of KKR (India) as the non-executive Director. Tara Vachhani and Mohit Talwar continue as Max India nominees.
Soi to become CMD of combined entity
The process of amalgamating Radiant Life Care Pvt Ltd and Max Healthcare under the chairmanship of Soi has begun and is likely to conclude within the next eight to twelve months. Post the merger, Soi would assume the role of Chairman and Managing Director of the combined entity.
The new entity will be the third largest hospital chain nationally. In the current fiscal, the company’s revenue is said to be Rs 3628 crore with 16 facilities with approximately 3,400 beds in operation. Post-merger the company will be promoted by Soi and co-promoted by global investment firm KKR.
The company intends to embark upon a growth strategy based on both organic and inorganic growth. “Market downturns and uncertainty are best suited to entrepreneurs. Both, talent and opportunities are available to build businesses,” says Soi. MHIL intends to follow a well calibrated but robust growth path through organic and inorganic means particularly in metros of Delhi and Mumbai.
In the interim, to manage day to day operations of MHIL, a Management Council (MC), comprising of three senior directors – Yogesh Sareen, Mradul Kaushik and Vandana Pakle has been formed.
Prominent senior management from Fortis Healthcare Ltd including H S Chehal and Umesh Gupta, former regional COO and Head-HR respectively have joined MHIL while Suneel Kapur, National Sales Head at Fortis has joined Radiant. – Business Line