Max Healthcare Institute acquires Starlit Medical Centre for Rs 940 crore
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In a move to expand its presence in Tier I and II cities, Max Healthcare Institute (MHIL) on Friday announced the signing of a share purchase agreement for the acquisition of 100 per cent stake in Starlit Medical Centre.
The deal, facilitated through MHIL's subsidiary, Crosslay Remedies, involves an enterprise value of Rs 940 crore.
Currently, Max Healthcare operates 17 healthcare facilities spanning Delhi-NCR, Haryana, Punjab, Uttarakhand, and Maharashtra.
Within its current network, it has 3,533 beds, and following this acquisition, the total bed count would approximately touch around 4,083 beds.
In the financial year 2023-24, it plans to add 300 beds. Max Healthcare aims to further expand capacity by incorporating over 4,000 additional beds. Around 2,600 beds are expected to be added in the next four years.
Starlit Medical Centre has entered into a business transfer agreement with Sahara India Medical Institute for purchase of its healthcare undertaking, including the 550-bed Sahara Hospital located in Lucknow.
The hospital, situated on approximately 27 acres at Gomti Nagar, is a tertiary care facility with National Accreditation Board for Testing and Calibration Laboratories (NABL) and National Accreditation Board for Hospitals & Healthcare Providers (NABH) accreditation.
It offers a range of healthcare services such as gastroenterology, neurology, surgery, cardiology, pulmonology, and diagnostic facilities.
Starlit, through a business transfer agreement, has acquired the healthcare undertaking of the 550-bed Sahara Hospital, on a slump-sale basis.
This acquisition marks Max Healthcare’s entry into Lucknow, where it plans to bring medical programmes such as oncology, organ transplants, and strengthen existing programmes like orthopaedics, cardiac sciences, neurosciences, and renal sciences.
Commenting on the acquisition, Abhay Soi, chairman and managing director, Max Healthcare Institute, said: “We are excited about this acquisition, which is in line with our strategy to enter new Tier I/II cities as they have a developed healthcare services ecosystem. Through our presence in Lucknow, we aim to bring quality healthcare to people of Uttar Pradesh.”
The acquisition includes a 17-storey building. The hospital currently serves around 200,000 patients annually, with a revenue run rate of Rs 200 crore for FY24.
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