Max Healthcare Institute Ltd on Friday said it will fully acquire Starlit Medical Centre Pvt Ltd for an enterprise value of Rs 940 crore, thereby giving it the ownership of the 550-bedded Sahara Hospital in Lucknow.
The company has executed a binding share purchase agreement (SPA) for the acquisition of 100 per cent stake of Starlit Medical Centre Pvt Ltd, which had entered into a business transfer agreement with Sahara India Medical Institute Ltd for purchase of healthcare undertaking consisting of 550-bedded Sahara Hospital, Lucknow, on a slump sale basis, Max Healthcare Institute said in a statement.
The SPA was executed for an enterprise value of Rs 940 crore through one of the company’s wholly-owned subsidiaries, Crosslay Remedies Ltd (CRL), it added.
Abhay Soi, chairman and managing director of Max Healthcare Institute, said, “We are excited about this acquisition, which is in line with our strategy to enter new Tier-I/ II cities, which have a developed healthcare services ecosystem. Given our track record of successful postmerger integration, we expect to quickly improve the operating and financial performance on the strength of medical excellence of our clinicians and continued patronage from our patients.”
Soi added that through its presence in Lucknow, the company aims to bring quality healthcare to people of Uttar Pradesh.
This acquisition marks Max Healthcare’s entry into Lucknow, one of the fastest growing cities of Uttar Pradesh, it said, adding Sahara Hospital is a tertiary care hospital, providing integrated healthcare services with availability of all super specialties like gastroenterology, neurology, surgery, cardiology, pulmonology and diagnostics facilities under one roof.
The current operational bed capacity of Sahara Hospital is around 250 beds, with FY24 revenue run rate of Rs 200 crore. It currently serves around 2 lakh patients every year. It also has a nursing college on the same premises with annual intake of over 100 students, the statement said.
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