Less than a month of the passing away of Sahara Group founder Subrata Roy (75) in Mumbai, 550-bed Sahara Hospital in Lucknow has been snapped up by private sector Max Healthcare.
One of India’s largest private healthcare companies, Max Healthcare Institute Limited (MHIL) announced yesterday that it has lapped up Sahara Hospital for an enterprise value of Rs 940 crore.
The transaction involves the execution of binding Share Purchase Agreement (SPA) for acquisition of 100 percent stake of Starlit Medical Centre Private Limited (Starlit) through one of its wholly owned subsidiaries, Crosslay Remedies Limited (CRL).
Earlier, Starlit had entered into a Business Transfer Agreement (BTA) with Sahara India Medical Institute Limited for purchasing Sahara Hospital on a slump sale basis.
The Hospital spans a land parcel of 27 acres in the up-market Gomti Nagar area, a dense and affluent residential and commercial township in the Uttar Pradesh capital.
The Hospital comprises a 17-storey building with a built-up area of 0.89 million sq ft, and offering multi-disciplinary care in specialties like Gastroenterology, Neuro, Surgery, Cardiology, Pulmonology and diagnostics facilities.
Moreover, it also has a Nursing College offering GNM, BSc and MSc courses with annual intake of 100+ students.
With this acquisition, Max Healthcare forays into the growing Lucknow healthcare market. It plans to add to the healthcare value chain of the Hospital.
“Given our track record of successful post-merger integration, we expect to quickly improve the operating and financial performance on the strength of medical excellence of our clinicians and continued patronage from our patients,” Abhay Soi, Chairman and Managing Director, Max Healthcare Institute said in a statement.