IHH Healthcare to acquire remaining stake in Ravindranath GE for Rs 740 cr

IHH Healthcare (IHH), through its wholly-owned subsidiary Gleneagles Development, has signed an agreement to acquire the entire remaining stake held by Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates. The total purchase consideration for this transaction is approximately Rs 740 crore.

Ravindranath is the founder of RGE, which owns the Gleneagles Global Hospitals chain, a leading provider of tertiary and quaternary healthcare in India. This chain is particularly known for its comprehensive multi-organ transplant services. Gleneagles Global Hospitals operates six multi-super-speciality hospitals across Hyderabad, Chennai, Bangalore, and Mumbai, boasting a capacity of approximately 1,500 beds along with state-of-the-art, world-class facilities. The transaction is anticipated to be completed by the fourth quarter of 2023.

"This transaction reflects our sustained commitment and strategic emphasis on the healthcare sector in India. We thank Kancherla for the partnership over the past eight years and for the chance to build upon his groundbreaking work," said Ashok Pandit, group chief strategy and business development officer at IHH Healthcare.

"This latest investment is a substantial milestone in IHH's expansion strategy and long-term objectives in India. Supported by unparalleled clinical outcomes, the acquisition solidifies our standing in the country. We are committed to delivering exceptional care and advanced solutions to complex medical challenges, and we strive to fulfil our aspiration of Care," remarked Anurag Yadav, Chief Executive Officer of IHH Healthcare India.

With the completion of this transaction, IHH will further solidify its leading position as a platform for tertiary and quaternary care, including multi-organ transplants, both in India and across its principal markets.