Max Healthcare acquires exclusive rights to aid development and provide medical services to a proposed 500 bed hospital in South Delhi

Max Healthcare Institute Ltd (MHIL) one of India's largest private healthcare providers today announced the acquisition of exclusive rights to aid development and provide medical services to a 500 bed hospital to be built on a 3.5 acres of a prime land parcel in Saket (South Delhi) through its wholly owned subsidiary, Alps Hospital Limited (ALPS).

ALPS has acquired 100% stake in ET Planners Pvt Ltd. (ETPPL) in an all cash deal. ETPPL has exclusive and long term rights to provide medical services in key specialties and aid development of a Children's Hospital ('Hospital') on this 3.5 acres of land, situated between Max Super Specialty Hospital, Saket and Max Smart Super Speciality Hospital, a unit of Gujarmal Modi Hospital and Research Centre for Medical Sciences.

This will allow integration of existing Max Network hospitals, thus enabling creation of a 2,300+ bed contiguous medical hub spread over 23 acres of land. The first phase of the Hospital is expected to be commissioned in the year 2024.

This also marks the end of 11 years long litigation, post grant of a unanimous award in favour of MHIL in the ongoing arbitration proceedings.

"This transaction will allow us to create amongst the largest healthcare complexes in Asia at the heart of our National Capital. This complex will be committed to the highest standards of clinical excellence, research, academics and patient care, serving both domestic and international patient community." said Dr. Abhay Soi, Chairman and Managing Director, MHIL.

The Hospital will have a capacity of ~ 500 beds, of which 250 beds will be commissioned in the first phase. It will be operated under the aegis of Vikrant Children's Foundation and Research Centre. The 500 bed Hospital, once fully constructed and operational, shall directly employ ~ 2,500 people and provide free treatment to ~ 80,000 patients belonging to economically weaker section annually in its in-patient and out-patient department.

The transaction will allow Max Network of Hospitals to expand, integrate and streamline their services across four hospitals located in Saket Complex and promote sub-specialization to enhance the offerings across a broad spectrum of specialities, in a synergistic manner.

Shares of Max Healthcare Institute Limited was last trading in BSE at Rs. 334.9 as compared to the previous close of Rs. 332.9. The total number of shares traded during the day was 25974 in over 821 trades.

The stock hit an intraday high of Rs. 339.4 and intraday low of 332.9. The net turnover during the day was Rs. 8710417.

Source : Equity Bulls

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