IHH Healthcare increases majority stake in Gleneagles Global Hospitals chain

The total purchase consideration is of approximately Rs 7,400 million IHH Healthcare Bhd (IHH), through its wholly-owned subsidiary Gleneagles Development, has entered into an agreement to buy out the entire remaining stake held by Dr Ravindranath Kancherla and his affiliates in Ravindranath GE Medical Associates (RGE) for a total purchase consideration of approximately Rs 7,400 million (equivalent to approximately RM 415 million). Dr Kancherla is the founder of RGE, which owns the chain of Gleneagles Global Hospitals, a leading tertiary and quaternary healthcare chain in India, specialising in comprehensive multi-organ transplant services. Gleneagles Global Hospitals operates six multi-super-specialty hospitals across Hyderabad, Chennai, Bengaluru and Mumbai, with a capacity of approximately 1,500 beds and state-of-the-art, world-class facilities. The transaction is expected to be completed by the fourth quarter of 2023. With this transaction, IHH will strengthen its leading position as a tertiary and quaternary care platform, including multi-organ transplants, in India and across its key markets.