Jubilant First Trust Healthcare, a wholly-owned subsidiary of Jubilant Life Sciences, has sold its hospital business to Bangalore-based Narayana Health for an undisclosed amount.
Jubilant First Trust Healthcare operates two hospitals in West Bengal-- Kalpataru in Barasat and Rabindranath Thakur in Berhampore. "The business has been transferred on a going concern basis as a slump sale which will enable Jubilant Life Sciences to focus on its core businesses in pharmaceuticals and life sciences," it said in a statement.
Commenting on the development, Jubilant First Trust Healthcare Director Aashti Bhartia said the company had entered the hospital business with the vision of building high quality and affordable healthcare facilities.
Also Read: Jubilant Life PAT rises 437% in Dec quarter
"We are happy to hand over the hospitals to Narayana Health, whom we are confident of taking the vision forward," Bhartia added. Narayana Health Vice Chairman, MD and Group CEO A Raghuvanshi said the acquisition is part of its strategic growth plan for East India.
"We have plans to upgrade the facilities at Jubilant Kalpataru Hospital in Kolkata to offer tertiary level super-speciality care in four to six months," he added. Anand Rathi Advisors were the investment bankers for the deal.
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