New Delhi: Amar Ujala Group, India’s leading integrated media company has acquired a majority stake in Cygnus Medicare through its healthcare arm, Ujala Healthcare, for about $18 million (Rs 130 crore), reported PTI.
Ujala Healthcare will take over 10 Cygnus super speciality hospitals in Delhi and Haryana and merge its two hospitals in Kashipur, Uttarakhand and Rohtak, Haryana through primary capital.
According to the PTI report the secondary capital will allow full exist of some angle investors and partial exit to existing institutional investors. In the merged entity, Ujala Healthcare will hold a significant stake along with management control while balance share will be held by institutional investors including Eight Roads Ventures, Somerset Indus, Evolvence India, and previous promoters Dr Dinesh Batra and Dr Shuchin Bajaj, the report said.
Cygnus Hospitals was started in 2011 by a group of doctors and currently operates 10 superspeciality hospital with more than 1000 beds, served by 1600 strong skilled workforce.