IIHH Healthcare Berhad has picked up majority stake in Continental Hospitals Limited, Hyderabad with an investment of $50 million (around Rs. 310 crore).
The investment was made through Parkway Pantai Limited (IHH), a 100 per cent subsidiary of IHH Healthcare, which is the second largest hospital chain in the world.
In a sector that has attracted substantial private equity investments, this stands out as one of the largest cross border strategic transactions and marks the first direct foray of IHH into India, according to an announcement today.
Veda Corporate Advisors (“Veda”) was the exclusive advisor to Continental Hospitals & its promoters in the transaction. This is its 6th transaction in the healthcare domain during the last 2 years and 3rd during the last year.
Continental Hospitals is a 550-bed, multi-super speciality medical hospital, located in the financial district of the upmarket Cyerabad area. It is promoted by Dr Guru N Reddy, a noted gastroenterologist with over 3-decades of experience in the US.
An entrepreneurial venture of Guru Reddy, who raised substantial funding through loans and investments to establish a world-class facility, the hospital became operational in March 2013 and is one of the fastest to be accredited by Joint Commission International (JCI) & National Accreditation Board for Hospitals & Healthcare (NABH) in India.
IHH, the Malaysia major is Asia’s largest integrated private healthcare group with a network of 38 hospitals and more than 7,000 beds across Asia, including Singapore, Malaysia, Brunei, Turkey, India, China, Vietnam, UAE, Macedonia and Iraq, the release added. Business Line
