Nova Medical buys majority stake in Excel Hospitals Kanpur

Short-stay surgical care and fertility clinics company Nova Medical Centers today said it will acquire a majority interest in Excel Hospitals, Kanpur, for an undisclosed amount. Nova Specialty Surgery, a division of Nova Medical Centers Pvt Ltd is acquiring a majority interest in Excel Hospitals, Kanpur, the company said in a statement.

As part of the first phase of its expansion plans, Nova will begin the renovation of the hospital and in the interim will run operations in the hospital. "This acquisition will prove beneficial to both parties in terms of effective healthcare management and knowledge building," Nova Specialty Surgery Chairman and CEO Suresh Soni said.

In August, Nova Medical Centres had received an investment of Rs 300 crore from Goldman Sachs and venture capital fund NEA. "Nova is well on its way to achieve its commitment of setting up 25 centres across India and the Middle East by 2012. This collaboration is a stepping stone of our foray into Kanpur," he added.

Excel Hospitals Executive Director Jamaluddin Ahmad said: "Nova's expertise in the field of surgical care will help us strengthen our position and offer new services to the people in Kanpur."