When Manipal Health announced its intent in November last year, estimates put the cost of acquisition at Rs 2,000 crore plus
The Competition Commission of India (CCI) has approved the acquisition of 100 per cent shareholding of the Columbia Asia Hospitals by Manipal Health Enterprises, as per a statement from the Ministry of Corporate Affairs.
When Manipal Health announced its intent in November last year, estimates put the cost of acquisition at Rs 2,000 crore plus. Manipal Hospitals had said the acquisition offers it a “remarkable geographical and cultural fit”, and provides a larger national footprint.
Manipal Health is a part of Manipal Educational and Medical Group, operating a network of hospitals, providing multi-specialty care. Its focus is to develop an affordable, high quality healthcare framework through its multi-specialty and tertiary care delivery spectrum and further extend it to homecare. MHEPL is not engaged in any business activity outside India, except in Malaysia.
Columbia Asia Hospitals is a private healthcare company providing high quality, affordable, accessible health care and began its operations in India in 2005. It operates a chain of eleven multi-specialty hospitals and one teleradiology business. Though not engaged in any business activities outside India, it is a part of International Columbia US LLC, an international healthcare group, which operates a chain of modern hospitals across India, China and Africa.
The combined entity is projected to have 27 hospitals across 15 cities with 7,200-plus beds, and a pool of 4,000-plus doctors and 10,000-plus employees, as per a press statement last November.
A detailed order from the CCI is to follow.