Moolchand Healthcare today said it has acquired Agra-based Pankaj Apollo Hospital, a tertiary care hospital with a capacity of 200 beds. The buyout, part of Moolchand’s growth strategy, will be further expanded over the next 18 months to a comprehensive cancer institute.
“Moolchand intends to bring the best of healthcare services available in Delhi to Agra and Western Uttar Pradesh. Many of our leading clinicians will now also be available at Moolchand Agra. In Phase I, over the next 18 months, we expect to expand the hospital to provide a comprehensive cancer institute,” Vibhu Talwar, managing director, Moolchand Healthcare, said.
Following this, the company plans to expand the capacity of the Agra-based hospital to a total of 300 beds in Phase II. “Our total capital commitment towards this project is Rs 75 crore,” Talwar said. Moolchand was advised by Sapphire Professional Services (Financial Advisors) and Khaitan & Company (Legal Advisors) on this transaction.
The move will allow Moolchand an early mover advantage. “The asset is an extremely high quality hospital and is an excellent fit strategically. In addition, it provides Moolchand an early mover advantage as leading hospital groups are largely absent from the Agra market," said Talwar.
The Delhi-based healthcare company is aggressively eyeing acquisition opportunities to assemble a portfolio of 5-10 hospitals over the next few years. According to a recent report of PricewaterhouseCoopers, the Indian healthcare industry is currently estimated to be around $65 billion (Rs 3.5 lakh crore), growing at a CAGR of 15%. Of this, diagnostics is the fastest-growing segment.