Manipal Hospitals has finally widened its brownfield buying binge into Mumbai healthcare space with the acquisition of Khubchandani Hospital in Andheri for a total consideration of Rs 415 crore, according to registration documents accessed by Propstack.
The hospital chain forayed into Mumbai after securing an extensive presence in South Indian markets, as well as in Delhi NCR, Pune, Kolkata, and in some other parts of India.
While the hospital chain was initially promoted by the education-to-healthcare conglomerate Pai family, private equity funds later picked up large stakes in the firm. Singapore sovereign wealth fund Temasek is now the largest shareholder in Manipal Hospitals, followed by the Pai family and TPG with a significant stake.
The transaction, according to the property registration documents, was registered on October 7, with Manipal Hospitals paying around Rs 27.30 crore as stamp duty for the deal. The transaction includes both the hospital building, as well as the land where it stands, according to the documents.
While Manipal Hospitals has been making brownfield expansion by acquiring hospitals over the past few years across various cities, it has set up some greenfield facilities as well. In 2021, it acquired hospital chain Columbia Asia with its portfolio of 11 healthcare facilities. Two years later, Manipal Hospitals signed a deal with consumer goods firm Emami to buy a majority stake in AMRI Hospitals, which is present largely in eastern India, for Rs 2,300 crore. It further widened its footprint in the east by subsequently picking up hospital chain Medica for around Rs 1,400 crore.
In the western markets, Manipal Hospitals is present in Goa and in Pune's western Baner suburb.
Moneycontrol has approached Manipal Hospitals for comments on the deal. The story will be updated once a response is received.
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