Manipal Acquires 84% Stake In AMRI Hospitals
Emami said that it will continue to hold 15% stake in the hospitals as an investor after the divestment.
The Bengaluru-based Manipal Hospitals announced the acquisition of an 84% stake in AMRI Hospitals, which was originally owned by multinational FMCG conglomerate Emami Ltd.
"The acquisition fits into the growth strategy of Manipal Hospitals to have a larger footprint and expanded presence in Eastern India as the largest hospital chain in that region," it said in the press release issued on Wednesday.
Emami said that it will continue to hold a 15% stake in the hospitals as an investor after this announcement, and the balance of around 1% will also continue to be held by the government of West Bengal.
Aditya Agarwal and Manish Goenka, directors at Emami Group, said in the release, "In an endeavour to focus on our core businesses, we have divested our majority stake in AMRI Hospitals, which is a significant step in Emami Group’s stated objective."
As they hand over the charge to Manipal Hospitals, they feel confident that AMRI Hospitals and its staff are in good hands and also that the Manipal Group will continue to provide the best healthcare services to the people of the eastern part of India and neighbouring countries and also accelerate AMRI’s growth trajectory in the future, the release said.
Dr. Ranjan Pai, chairman of Manipal Education and Medical Group, said, "Manipal Hospitals always had patrons from Eastern India and countries in the region like Bangladesh. This acquisition is in sync with our objective... Manipal Hospitals would now serve patients in its 17th city in India, Bhubaneswar (Odisha)."
AMRI Hospitals is ranked as one of the largest healthcare provider networks in eastern India and treats nearly 5 lakh patients annually. The hospital chain has operations in Dhakuria, Mukundapur, and Salt Lake (in Kolkata), and another at Bhubaneswar (Odisha), comprising more than 1,200 beds, over 800 doctors, and 5,000+ healthcare professionals.
After the acquisition, the combined entity of Manipal Hospitals will have 33 hospitals across 17 cities with 9,500 beds, a talent pool of over 5,000 doctors, and 20,000 employees.
