Bengaluru based Manipal Hospitals is set to acquire Columbia Asia Hospitals for a whopping Rs 2,100 core. This is likely to mark the exit of the US based hospital chain from India.
Bengaluru: Bengaluru based hospital chain Manipal Hospitals has entered into a definitive agreement to acquire Columbia Asia Hospitals for an undisclosed sum.
However, according to sources, the deal size may be around Rs 2,100 crore. This is likely to mark the exit of the US based hospital chain from India.
The combined entity will have a presence of 27 hospitals across 15 cities, with 7,300 beds, 4,000 doctors, and 10,000 employees, making it the second-largest hospital chain in the country, after Apollo.
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Columbia Asia will be rebranded as Manipal Hospitals, said Dr Ranjan Pai, chairman, Manipal Education and Medical Group (MEMG).
Manipal Hospitals today operates and manages around 6,000 beds across 15 hospitals. The transfer of ownership is subject to regulatory approvals.
Ranjan Pai said it is a ‘compelling strategic fit’ and has huge geographical and cultural synergies. “together with Columbia Asia, we are now bigger, stronger, and uniquely positioned to meet the growing expectations of the communities we serve across the country,” he added.
Sources revealed that the valuation of Columbia Asia’s assets would be around Rs 400 crore or so.