M&A

M&A

Manipal Hospitals acquires 84% stake in AMRI for Rs.2,300-Cr

Mint  

Manipal Hospitals (Manipal Health Enterprises Ltd) has acquired a 84% stake in Kolkata-headquartered, Emami Group promoted AMRI Hospitals for around INR 2,300 crore. Manipal will also take over a portion of AMRI's debt. The acquisition marks the conclusion of an 18 month negotiation process. During this period, Manipal had moved the Delhi high court (HC) to prevent Emami from selling it to any other entity. Emami will retain some stake in AMRI. AMRI has hospitals in Dhakuria, Mukundapur and Salt Lake (all in Kolkata) and another in Bhubaneswar, Odisha. The deal will help Manipal add over 1,200 beds, 800-plus doctors and more than 5,000 healthcare professionals to its network. Post-deal, Manipal will have 33 hospitals across 17 cities, comprising 9,500 beds, making it the second-largest hospital chain in India after Apollo Hospitals. In FY23, AMRI reported revenue of about INR 1,000 crore, which will enhance Manipal's revenues for the year, estimated at INR 4,500 crore.