Manipal Hospitals acquires 87% stake in Medica Synergie

30 Apr 2024 , 03:04 PM

Manipal Hospitals, India's second-largest hospital chain, acquired an 87% stake in the Kolkata-based hospital chain Medica Synergie, according to a news release. This acquisition is consistent with Manipal Hospitals' plan to increase its footprint and presence in Eastern India as the region's largest hospital network. According to sources, Medica Synergie was valued at ₹1,200 Crore in the sale.

Manipal has bought the stake in Medica Synergie from Sheares Health, the healthcare platform owned by Singapore's Temasek Holdings. Sheares holds the controlling shareholding in Manipal Hospitals.

Manipal Hospitals would be well-positioned to satisfy the growing need for high-quality tertiary and quaternary healthcare services in Eastern India by using Medica Synergie's clinical knowledge and facilities, as well as the combined operations of its broad network, according to the announcement. Last year, Manipal Hospitals increased its foothold in Eastern India by acquiring an 84% share in Emami Group's Kolkata-based AMRI Hospitals Ltd.

With the acquisition of Medica, Manipal facilities now serve 7 million patients yearly across 37 facilities in 19 cities throughout 14 states. The acquisition of Medica increased the current hospital bed count from over 9,500 to over 10,500.

Through this acquisition, Manipal Hospitals strengthens its position in Eastern India, allowing us to extend our footprint and address the healthcare requirements of this underserved area," stated Dilip Jose, Managing Director & CEO of Manipal Hospitals. He further mentioned plans to incorporate Medica Synergie into their range of services and give it a new brand identity. Together, they aim to provide improved and superior healthcare services to patients throughout Eastern India, encompassing locations such as Kolkata, Siliguri, and Ranchi.

Temasek Holdings paid ₹16,500 Crore last year to purchase an additional 41% interest from current investors and the promoter family. Temasek became the largest and controlling shareholder in Manipal Health Enterprises through its company Sheares Health, holding a 59% stake.

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