Max Healthcare will acquire a 64 percent stake in Jaypee Healthcare (JHL), with an option agreement for the remaining 36 percent stake, at an enterprise value of Rs 1,660 crore.
The company has entered into a strategic pact with Lakshdeep Group - promoter of Jaypee Healthcare - which is undergoing Corporate Insolvency Resolution Process (CIRP).
Max Healthcare Institute Chairman and Managing Director Abhay Soi said the deal enhance Max's presence in the NCR region. "Addition of JHL to the network is an important milestone in our journey to build a formidable presence in NCR - a region which is not only home to 46 million people but also plays a pivotal role in shaping the Indian economy as an economic hub."
The deal, expected to be closed in the next 30 days, will give Max controlling stake in Noida's 500-bed hospital as well as two other hospital in UP's Bulandshahr and Anoopshahr. Max shall also arrange debt for repayment of admitted claims of the financial creditors of JHL, the company said in a statement.
JHL reported revenue of Rs 421 crore and EBITDA of Rs 70 crore for the year 2023-24.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
