Max Healthcare Institute acquires Lucknow's Starlit Medical Centre for Rs 940 crore
Lucknow (UP): In a strategic move to increase its footprint in Tier I and II cities, Max Healthcare Institute (MHIL) announced on Friday the completion of a share purchase agreement to acquire a 100% stake in Starlit Medical Centre.
The transaction facilitated through MHIL's subsidiary, Crosslay Remedies, carries an enterprise value of Rs 940 crore.
Presently, Max Healthcare manages 17 healthcare facilities across Delhi-NCR, Haryana, Punjab, Uttarakhand, and Maharashtra, with a combined bed capacity of 3,533. Following the completion of this acquisition, the total bed count is projected to reach approximately 4,083 beds.
For the fiscal year 2023-24, Max Healthcare plans to augment its bed capacity by 300. Additionally, the company aims to achieve significant expansion by incorporating over 4,000 additional beds, with around 2,600 beds anticipated to be added in the next four years.
Situated on a land parcel of approximately 27 acres in Gomti Nagar, Lucknow, a prominent residential and commercial area, the hospital is housed within a 17-storey building encompassing a built-up area of around 8.9 lakh sq ft.
The facility provides comprehensive, multi-disciplinary care across various specialties, including Gastroenterology, Neurology, Surgery, Cardiology, Pulmonology, and diagnostic services.
The hospital complex includes a Nursing College situated on the same premises. This educational institution offers GNM (General Nursing and Midwifery), BSc (Bachelor of Science), and MSc (Master of Science) courses, with an annual intake of over 100 students.
Commenting on the acquisition, Max Healthcare Institute chairman and managing director Abhay Soi said: “We are excited about this acquisition, which is in line with our strategy to enter new Tier I/II cities as they have a developed healthcare services ecosystem. Through our presence in Lucknow, we aim to bring quality healthcare to the people of Uttar Pradesh.”
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