“Fee approves acquisition of 100% shareholding of the Columbia Asia Hospitals by Manipal Well being Enterprises,” the regulator stated in a Twitter replace on Friday.
The event comes after the Bengaluru-based MEHPL had entered right into a share buy settlement with the US-based hospital chain in October final yr. The deal was valued at Rs 2,100 crore, in line with experiences.
“The robust scientific experience and breadth of companies of MHEPL, complemented by the strengths of CAHPL in scientific and repair high quality, will be sure that the mixed entity publish the Proposed Mixture could be uniquely positioned to enhance entry and handle the rising demand and expectations for top of the range tertiary and quaternary healthcare within the nation,” MHEPL had stated in its discover to the CCI.
The mixed entity would have a presence of 27 hospitals throughout 15 cities with over 7,300 beds and a pool of greater than 4,000 docs and over 10,000 staff treating over 4 million sufferers yearly, the Ranjan Pai-led MHEPL had stated in an announcement.
This could make the merged entity the second-largest hospital chain within the nation after Apollo Hospitals.
The acquisition will assist Manipal Well being strengthen its presence in its core market in Bengaluru whereas increasing its presence within the National Capital Region, Pune and Kolkata, Dilip Jose, managing director and CEO of MHEPL had stated.
The merger can even assist handle the rising demand and expectations for high-quality tertiary and quaternary healthcare within the nation, the assertion earlier stated.
The Indian hospital chain had posted revenues of about Rs 2,100 crore in FY20 and was funding the transaction via a mixture of loans and a rights subject aided by its buyers, together with personal fairness fund TPG Capital.