Max Healthcare Institute is looking for growth opportunities in various cities across the country, Abhay Soi, chairman and managing director, said while addressing the annual general meeting (AGM) of the Delhi-headquartered hospital chain.
The move comes as Max Healthcare has been on an expansion spree to enable an addition of around 3,500 beds in the next four years, according to the company’s latest investor presentation. Max Healthcare currently has more than 4,300 operational beds across the country.
Speaking on the acquisitions made by the company in the last financial year, Soi said that it had been a marquee year for the company, with Max acquiring two new hospitals—Alexis Hospital in Nagpur and Sahara Hospital in Lucknow—adding 750 beds to its network. “These hospitals will allow us to serve patients in these new geographies,” he added.
Max has also recently announced a strategic collaboration agreement with Lakshdeep Group to acquire a 64 per cent stake in Jaypee Healthcare (JHL), which is undergoing the Corporate Insolvency Resolution Process (CIRP). The acquisition is based on an enterprise value of Rs 1,660 crore.
The proposed acquisition will give Max an increased foothold in the North India region, as JHL currently owns three hospitals in Uttar Pradesh, including two operational hospitals in Noida and Bulandshahr.
While the Noida facility has a capacity of 500 beds, of which 376 are currently operational, the Bulandshahr one has 200 operational beds. The third facility located in Anoopshahar is non-operational, with a 100-bed capacity.
“The immediate impact of the acquisition will add around 576 beds to Max’s network, with plans for further expansion,” an official in the know had told Business Standard at the time of the announcement.
The company started operations at its 303-bed facility in Delhi’s Dwarka in June this year. “The hospital has been designed to meet international standards in clinical and patient care services, and we expect the hospital to not only attract patients from neighbouring geographies but from all across the world,” Soi said.
Commenting on capacity expansion plans in existing facilities, Soi said that work on new hospitals in Gurugram, Saket and Patparganj in Delhi-NCR, Mumbai, and Mohali is continuing at pace. “We expect these projects to be operational in the next 18 to 24 months,” he added.
First Published: Sep 20 2024 | 7:13 PM IST
