India's Manipal Hospitals acquires 84% stake in AMRI Hospitals

Emami

20/09/2023 15:54

BENGALURU, Sept 20 (Reuters) - Indian hospital chain
operator Manipal Hospitals said on Wednesday it has acquired an
84% stake in AMRI Hospitals in its bid to expand its presence in
eastern India.
    Kolkata-based AMRI Hospitals is owned by FMCG-to-realty
conglomerate Emami Group and comprises of over 1,200 beds, over
800 doctors and 5,000-plus healthcare professionals. 
    "In an endeavour to focus on our core businesses, we have
divested our majority stake in AMRI Hospitals," Aditya Agarwal
and Manish Goenka, directors, Emami Group, said in a statement.
    Emami will continue to hold a 15% stake in AMRI with the
government of West Bengal holding a 1% stake in the firm. 
    Hospitals in India have been buying each other at near
record rates, with M&As totalling $4 billion in 2022 and $2.2
billion in the first five months of this year, Reuters reported
in June. 
    The private healthcare sector in India has seen a
post-pandemic boom with global consultancy firm PwC projecting a
12-14% annual growth for India's private healthcare market,
currently worth around $48 billion.

 (Reporting by Kashish Tandon in Bengaluru; Editing by Shailesh
Kuber)
 ((Kashish.Tandon@thomsonreuters.com;))