By BS Reporter
Moolchand Healthcare on Wednesday said it had acquired Agra-based Pankaj Apollo Hospital, a tertiary care hospital with a capacity of 200 beds.
The acquired hospital will be further expanded over the next 18 months to a comprehensive cancer institute.
“Moolchand intends to bring the best of healthcare services available in Delhi to Agra and western Uttar Pradesh. Many of our leading clinicians will now also be available at Moolchand Agra. In phase-I, over the next 18 months, we expect to expand the hospital to provide a comprehensive cancer institute,” Vibhu Talwar, managing director, Moolchand Healthcare said.
Following this, the company plans to expand the capacity of the hospital to a total of 300 beds in phase two. “Our total capital commitment towards this project is Rs 75 crore” Talwar said.
Moolchand was advised by Sapphire Professional Services (Financial Advisors) and Khaitan & Company (Legal Advisors) on this transaction.
The move will give Moolchand an early mover advantage. “The asset is an extremely high quality hospital and is an excellent fit strategically.
In addition, it provides Moolchand a early mover advantage as leading hospital groups are largely absent from the Agra market." says Talwar.
The Delhi-based healthcare company is aggressively eyeing acquisition opportunities to assemble a portfolio of 5-10 hospitals over the next few years.
According to a recent report by PricewaterhouseCoopers, the Indian healthcare industry currently is estimated to be around $65 billion (Rs.3.5 lakh crore), growing at a CAGR of 15 per cent. Of this, diagnostics is the fastest-growing segment.