This Article is From Apr 21, 2017

Narayana Hrudayalaya To Acquire Panacea Biotec Arm For Rs 180 Crore

Narayana Hrudayalaya To Acquire Panacea Biotec Arm For Rs 180 Crore

New Delhi: Narayana Hrudayalaya has entered into an agreement with Panacea Biotec to fully acquire its subsidiary NewRise Healthcare for an enterprise value of Rs 180 crore.

The company has "entered into a definitive agreement to acquire 100 per cent stake in NewRise Healthcare Pvt Ltd from Panacea Biotec Ltd to announce its first hospital in Gurugram", Narayana Hrudayalaya said in a BSE filing today.

NewRise Healthcare has set up a multi-speciality hospital in Gurugram which is in final stages of completion and is expected to be commissioned within the next 9 months.

This transaction is intended to consolidate Narayana Hrudayalaya's footprint in the northern cluster.

"This development is a step forward in the direction towards reinforcing the newly formed Northern cluster. It also echoes our group's commitment towards developing this region as vibrant as the existing Karnataka and Eastern clusters", Narayana Hrudayalaya Vice Chairman, MD and Group CEO Ashutosh Raghuvanshi said.

The group believes its recent ventures in NCR will help it target this key region more efficiently while accelerating trajectory to become a true pan-India healthcare service provider, he added.

Founded in 2000 by Devi Prasad Shetty, Narayana Hrudayalaya has a network of 23 hospitals and 7 heart centres across India and a single hospital overseas at Cayman Islands with over 5,700 operational beds across all its centres.

Shares of Narayana Hrudayalaya were trading 0.39 per cent lower at Rs 317.10 per scrip while Panacea Biotec's stock was trading 3.58 per cent higher at Rs 164.80 apiece on BSE today.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)