Radiant Life, Hinduja Group, IHH Healthcare in Race for Jaslok Hospital: Report

KKR-backed Radiant Life Care is in talks with the trustees of Jaslok Hospital to take over its operations and management, reports Mint. “Radiant is leading talks for an operations and management alliance with Jaslok Hospital on the lines of its existing arrangement with Delhi’s BLK Super Speciality Hospital and Mumbai’s Nanavati hospital,” a source told the paper. Mumbai-based Jaslok Hospital is said to be the oldest tertiary care hospital in the country. Set-up in 1973, it has 364 beds, including 75 beds in intensive care units. As per the report, Hinduja Group and Malaysia’s IHH Healthcare are also in the fray to acquire Jaslok’s operations and management. “The talks are progressing well although there are other suitors such as Hinduja Group and Malaysia’s IHH Healthcare,” a source told the paper, adding that the trustees are keen on getting a professional operator to run the hospital. Moneycontrol couldn’t independently verify the report.

Radiant had previously made an unsuccessful bid for Fortis Healthcare. The KKR-backed firm, which develops, manages and operates healthcare facilities, already has an operations and management alliance with BLK Super Specialty Hospital and Mumbai’s Dr Balabhai Nanavati Hospital. In 2017, KKR has acquired 49 percent stake in Radiant for USD 200 million. Radiant, set-up in 2000, forayed into the healthcare sector with the redevelopment of New Delhi’s BLK Super Specialty Hospital for Rs 350 crore. It has also partnered with B&B Hospital in Nepal to help set-up surgical and medical oncology programs, the report said. Radiant, which tied up with Nanavati Hospital in 2014 in a profit-sharing arrangement, is responsible to develop Nanavati Hospital into a super specialty hospital and add 250 beds to its current 360-bed capacity.

“This subject is entirely in the realm of speculation,” Abhay Soi, Chairman and Managing Director at Radiant, told the paper. IHH recently acquired a 31 percent stake in Fortis Healthcare and infused Rs 4000 crore into the firm. The Malaysian-based entity, which runs nine hospitals in the country, has been looking to expand operations in India. In the six months ended June 30, the healthcare sector in India saw 23 private equity and venture capital deals worth USD 679 million as against 20 deals worth USD 402 million for the corresponding period a year ago, according to an EY report. These deals include a USD 200-million investment by True North in Kerala Institute of Medical Sciences (KIMS) and a USD 50-million investment in Asia Healthcare Holdings by Singapore state investor Temasek-owned Sheares Healthcare. – Money Control

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