“This acquisition comes at a fortuitous time for us when Max Healthcare has turned profitable and is poised for growth. Pushpanjali Crosslay is one of the few hospitals in NCR region which match Max Healthcare’s infrastructure and scale standards. Its 340 operational beds will allow immediate revenue and profit accretion to Max Healthcare. In addition, the reputation for excellence in medical services created by Max Healthcare, and particularly by our tertiary care hospital in Patparganj, will be hugely beneficial in attracting patients and top clinicians to our new hospital”, Rahul Khosla, Chairman, Max Healthcare and MD, Max India.
MHC is a joint venture between Life Healthcare and South Africa, with each stakeholders holding 46 per cent stake.
PCH is a 340-bedded hospital, located at Ghaziabad-Delhi border, is founded by Dr Vinay Aggarwal along with a cooperative of around 250 doctors and 450 nursing staff. It can expand up to 540 beds and is NABH and NABL accredited.
Rajit Mehta, MD and CEO, Max Healthcare said, “Pushpanjali Crosslay is a welcome addition to our hospital network. We believe that we will be able to integrate it with our other hospitals fairly quickly to optimise clinical and service standards, realise cost efficiencies and attract more top clinicians to its already respectable clinical talent pool. Our patients should be confident of benefiting from the high levels of care and treatment that they have come to expect from any Max Hospital.”
MHC plans to fund this transaction through a combination of debt and proceeds received from the recent stake increase by Life Healthcare & IFC.