Narayana Hrudayalaya Ltd has agreed to acquire NewRise Healthcare Pvt. Ltd from Panacea Biotec Ltd
Narayana Hrudayalaya Ltd will acquire multi-speciality hospital NewRise Healthcare Pvt Ltd from Panacea Biotec Ltd for $28 million. The acquisition will help expand its footprint in Gurugram in northern India.
The all-cash transaction is intended to consolidate the company’s footprint in the northern region, Bengaluru-based Narayana Hrudayalaya said in a stock-exchange filing.
NewRise is in final stages of completing its new hospital in Gurgaon with 230 beds which is expected to be commissioned within the next nine months.
Ashutosh Raghuvanshi, vice-chairman, MD and Group CEO, Narayana Hrudayalaya, said…
“This development is a step forward in the direction towards reinforcing the newly formed Northern cluster. It also echoes our group’s commitment towards developing this region as vibrant as the existing Karnataka and Eastern clusters. We believe our recent ventures in NCR will help us target this key geography more efficiently while accelerating our trajectory to become a true Pan-India healthcare service provider.”
Narayana Hrudayalaya was founded in 2000 by Devi Prasad Shetty, has a network of 23 hospitals and seven heart centres across India. The hospital operates a chain of multispecialty, tertiary and primary healthcare facilities. It also has a hospital in Cayman Islands. It has an overseas hospital also at Cayman Islands with over 5,700 operational beds.