The transaction is expected to complete by the fourth quarter of 2023
IHH Healthcare through its wholly-owned subsidiary Gleneagles Development has entered into an agreement to buy out the entire remaining stake held by Dr Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates Private Limited (“RGE”) for a total purchase consideration of approximately Rs 7,400 million (equivalent to approximately RM 415 million).
Dr Ravindranath is the founder of RGE, which owns the chain of Gleneagles Global Hospitals.
The transaction is expected to complete by the fourth quarter of 2023.
Ashok Pandit Group Chief Strategy and Business Development Officer, IHH Healthcare said, “This transaction reflects our continued commitment and strategic focus in the healthcare sector in India. We thank Dr Ravindranath Kancherla, the founder of RGE, for the partnership over the last eight years and the opportunity to build on his pioneering work.”
Anurag Yadav Chief Executive Officer, IHH Healthcare India said, “This latest investment is a significant milestone in IHH’s expansion strategy and long-term goals in India. Backed by unparalleled clinical outcomes, the acquisition strengthens our position in the country. Demonstrating our commitment to delivering exceptional care and advanced solutions to complex medical challenges, we strive to fulfil our aspiration of Care. For good.”
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