through its wholly-owned subsidiary, Gleneagles Development Private Ltd, has entered into an agreement to buy out the entire remaining stake held by Dr Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates Private Ltd (RGE) for a total purchase consideration of approximately RM415 million.
In a filing with Bursa Malaysia today, the healthcare service provider said with the transactions, IHH is seeking to strengthen RGE group’s operations and expand its leading market position as part of IHH’s commitment to the Indian healthcare sector.
“The RGE group has been a key asset for IHH since its initial investment in 2015 and has grown into a leading healthcare chain in India with a strong reputation for providing comprehensive multi-organ transplant services,” it said.
Barring unforeseen circumstances, the transactions are expected to be completed by the fourth quarter of 2023.
In a separate statement, IHH Healthcare Group chief strategy and business development officer Ashok Pandit said the transaction reflected continued commitment and strategic focus in the healthcare sector in India.
“We thank Dr Ravindranath Kancherla, the founder of RGE, for the partnership over the last eight years and the opportunity to build on his pioneering work,” he said.
Meanwhile, IHH Healthcare India chief executive officer Anurag Yadav said the latest investment is a significant milestone in IHH’s expansion strategy and long-term goals in India.
Dr Ravindranath is the founder of RGE, which owns the chain of Gleneagles Global Hospitals, a leading tertiary and quaternary healthcare chain in India, including specialising in comprehensive multi-organ transplant services.
Gleneagles Global Hospitals operates 6 multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore and Mumbai with a capacity of approximately 1,500 beds and state-of-the-art, world-class facilities. – Bernama