IHH Healthcare to acquire majority stake in India’s Gleneagles Global Hospitals

The transaction is expected to be completed by the fourth quarter of 2023. Photo Courtesy: iStock

IHH Healthcare Bhd, an integrated healthcare provider, through its wholly-owned subsidiary Gleneagles Development Private Limited, has entered into an agreement to buy out the remaining stake held by Dr Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates Private Limited (RGE) for an approximate purchase of Rs 7,400 million.

Kancherla is the founder of RGE, which owns the chain of Gleneagles Global Hospitals, one of the leading tertiary and quaternary healthcare chains in India, specialising in comprehensive multi-organ transplant services.

Gleneagles Global Hospitals operates 6 multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore and Mumbai, with a capacity of approximately 1,500 beds and state-of-the-art, world-class facilities.

"This transaction reflects our continued commitment and strategic focus in the healthcare sector in India. We thank Dr Ravindranath Kancherla for the partnership over the last eight years and the opportunity to build on his pioneering work," says Ashok Pandit, group chief strategy and business development officer, IHH Healthcare.

"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," says Anurag Yadav chief executive officer, IHH Healthcare India

The transaction is expected to be completed by the fourth quarter of 2023. With this, IHH aims to strengthen its leading position as a tertiary and quaternary care platform, including multi-organ transplants, in India and across its key markets.