Apollo Hospitals Sets Foot in Lucknow with a 50 percent stake in Medics International Lifesciences
Apollo Hospitals, India’s first multi-specialty chain of hospitals acquired a 50 percent stake in Medics International Lifesciences, a 330 bedded super-specialty hospital in Lucknow which is expected to be commissioned by the third quarter of the current financial year. The acquisition is via a primary issuance of shares by Medics for a consideration of 910 million that would be used for hospital commissioning and related expenses. Advay Capital Advisors facilitated the transaction and the acquisition helps Apollo Hospitals’ leadership in the national hospital space and brand equity in Lucknow.
Suneeta Reddy, Managing Director, Apollo Hospitals, says, “In order to strengthen Apollo’s position in the U.P. region, Apollo was on the lookout for acquisitions to grow inorganically and considers the acquisition as the right choice given the promoters background and expertise in healthcare services in Lucknow. We expect to leverage on our proven track record of performance and operational capabilities to drive growth and profitability at Medics and create long term value for the shareholder.”
Founded by Dr. Sushil Gattani (Cardiologist), Dr. Mayank Somani (Physician), Dr. Kavita Somani (Hispathologist) and others, Medics Super Specialty Hospital is located at Lucknow and spread over a 3,50,000 sq. feet area. It provides quaternary world class infrastructure offering round the clock diagnostic, curative, preventive and rehabilitive care across specialties in Cardiac Sciences, Oncology, Neuro Sciences, Gastro Sciences, Renal Sciences, Orthopaedics, and more. Apollo Hospitals will utilize its expertise to bring in new services and offerings built on it deep domain expertise.
Dr. Sushil Gattani, Founder & Chairman, Medics Super Specialty Hospital, says, “We believe that this strategic partnership with Apollo will add value and strengthen Medics position in the state of Uttar Pradesh. There is a significant opportunity for growth in multi-specialty hospitals, with availability of quality consultants from the many premier educational health institutes like SGPGI. In addition, there is potential to develop Lucknow as a cost effective Medical Value Travel destination, with direct flights to Middle East and South Asia every day. Lucknow already attracts around five to eight percent of its patients from Nepal.”
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