Manipal Health Enterprises is looking for acquisition targets to expand in domestic as well as overseas markets, with a focus on Malaysia, Nigeria and CIS countries, besides greenfield expansion plans.
"We will be expanding our presence in north, west and eastern parts in the country by end of 2017. We will also be increasing our presence in Malaysia and Nigeria and are actively looking at CIS countries during this period," Manipal Health Enterprises MD & CEO Ajay Bakshi told PTI.
"It (the expansion) will be through a mix of brown-field and greenfield hospitals. All the hospitals will be high-end tertiary and quaternary care multi-speciality hospitals," Bakshi added.
The company, a part of Manipal Education and Medical Group, had recently raised Rs 900 crore through a minority stake sale to US private investment fund TPG.
The company will be taking both inorganic and organic route for growth.
Elaborating on the locations for domestic expansion, he said: "we are looking at Delhi, which is a focus market for us, Mumbai in West and West Bengal, Odisha and North East, we are also looking at strengthening our presence in Rajasthan."
The company will also be increasing its presence in Bengaluru where it will add more hospitals. Investments will also be made to upgrade and improve the already existing hospitals, he added.
When asked about how the company plans to fund the expansion, Bakshi said: "It will be through funds which we already have and internal accruals. Moreover, investors are happy to go deeper if and when required because of the strong fundamentals of the group."
Manipal Health Enterprises Pvt Ltd (MHEPL) is a part of the Manipal Education and Medical Group, a privately held conglomerate focused on Education, Healthcare and research.
MHPEL owns and operates ten multi-speciality hospitals in the Indian states of Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu and Goa and also manages five teaching hospitals in Karnataka and Sikkim, as well as several fertility clinics across the country.
It also indirectly owns and operates a hospital in Malaysia and manages a clinic in Nigeria.
