Max to acquire 58.4% stake in 250 bed Kalinga Hospital, Bhubaneswar

Leading private hospital chain Max Healthcare Institute Ltd. will acquire controlling stake in Kalinga Hospital Limited (KHL), Bhubaneswar, from Hospital Corporation of Orissa Inc. Under the share purchase agreement, MHIL will acquire 58.4% stake in KHL at an equity value of Rs 300 crore.

The 250 bed NABH accredited hospital is built on a 10-acre land parcel at Maitri Vihar, Bhubaneswar, a prime location in the heart of the city. Spread over 2,60,000 sq. ft., the hospital provides multidisciplinary care across major specialties, including Neurology, Cardiology, Orthopaedics, Gastroenterology, Renal Sciences and Oncology; backed by diagnostics and equipped with a 128-slice CT scanner, 1.5T MRI, and Cath Lab, etc.

 “Happy to announce our foray into Bhubaneshwar, an extremely attractive market, through the acquisition of a very well located and reputable hospital with significant operational upside and brownfield potential. Such prime opportunities are extremely rare”, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd., said. “This acquisition allows us to strengthen our footprint and enables us to extend high quality healthcare services to a fast-growing region.”

Bhubaneswar has a well-developed healthcare eco-system with large footprint of public,  private hospitals and multiple medical colleges, positioning the city as a preferred healthcare provider for patients from across Odisha and neighbouring states of West Bengal, Jharkhand and Chhattisgarh. This acquisition will strengthen MHIL’s network and expand its footprint in Eastern India.

Max Healthcare operates 20 healthcare facilities (about 5,200 beds) with a significant presence in North India. The network consists of all the hospitals and medical centres owned and operated by the Company and its subsidiaries, partner healthcare facilities and managed healthcare facilities, which includes state-of-the-art tertiary and quaternary care hospitals located at Saket (3 hospitals), Patparganj, Vaishali, Rajendra Place, Dwarka, Noida and Shalimar Bagh in Delhi NCR and one each in Lucknow, Mumbai, Nagpur, Mohali, Bathinda, Dehradun, secondary care hospitals in Gurgaon and medical centres at Noida, Lajpat Nagar and Panchsheel Park in Delhi NCR, and one in Mohali, Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

In addition to the hospitals, Max Healthcare operates homecare and pathology businesses under brand names Max@Home and Max Lab, respectively. Max@Home offers health and wellness services at home while Max Lab provides diagnostic services to patients outside the network.