Indian hospital operator Yatharth Hospitals has agreed to acquire a 60% stake in a 400-bed hospital in Faridabad, Haryana, in a significant expansion into North India’s healthcare sector.
The private super-speciality hospital chain will pay Rs912m ($10.84m) for the 60% stake in MGS Infotech Research & Solutions, becoming a subsidiary of the company.
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The acquisition has an enterprise value of Rs1.52bn and will make Yatharth Hospitals the largest bed capacity provider in the region.
The Faridabad hospital is currently under construction on a two-acre site and is due to be operational by the start of the next fiscal year.
Yatharth Hospitals plans to invest an additional Rs1bn to equip the facility with advanced medical technology, enabling it to offer super-speciality services such as oncology treatments and robotic surgeries.
The deal comes after Yatharth Hospitals’ successful bid for a super-speciality hospital on 29 October in Delhi, which was acquired through an e-auction under the SARFAESI Act 2002.
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By GlobalDataLocated in Model Town, the Delhi hospital has an expandable capacity of more than 300 beds and serves a large residential and institutional client base.
Yatharth Hospitals’ whole-time director Yatharth Tyagi said: “We are thrilled to announce our third strategic acquisition for this calendar year, with the addition of another 400-bed hospital in Faridabad.
“Following our acquisition of the Greater Faridabad Hospital in March, this acquisition now positions Yatharth Hospitals as the leading healthcare provider with the largest bed capacity in the region.
“This announcement also follows our recent successful bid for a 300-bed expandable hospital in the Delhi market, marking two positive developments within a week for our stakeholders.
“We are excited about the potential these facilities bring, significantly enhancing Yatharth Hospitals’ position as a premier healthcare provider in North India, particularly in the Delhi-NCR region.”
In February this year, Yatharth Hospitals acquired Asian Fidelis Hospital, another hospital in Faridabad, for Rs1.16bn.
