IHH Healthcare to buy out Gleneagles Global Hospitals’ owner for ₹740 cr.

The transaction is expected to be completed by the fourth quarter of 2023

Malaysia’s IHH Healthcare Bhd will acquire the remaining stake held by Dr. Ravindranath Kancherla and his affiliates in hospital-chain operator Ravindranath GE Medical Associates Private Ltd. (RGE) for ₹740 crore, the company said in a statement. 

IHH Healthcare has signeed the agreement to acquire the stake in RGE through its wholly-owned subsidiary Gleneagles Development.

Founded by Dr Ravindranath, RGE owns Gleneagles Global Hospitals which operates 6 multi-super-specialty hospitals across Hyderabad, Chennai, Bengaluru, and Mumbai, with a capacity of about 1,500 beds and related facilities.

“This transaction reflects our continued commitment and strategic focus in the healthcare sector in India.” Ashok Pandit, Group Chief Strategy and Business Development Officer, IHH Healthcare said in a statement.

 “This latest investment is a significant milestone in IHH’s expansion strategy and long-term goals in India. The acquisition strengthens our position in the country,” said Anurag Yadav, Chief Executive Officer, IHH Healthcare India.

The transaction is expected to be completed by the fourth quarter of 2023, the company said.