Max Healthcare buys Pushpanjali for Rs. 287 cr

Max Healthcare has agreed to acquire a controlling stake of 76 per cent in the National Capital Region-based Pushpanjali Crosslay Hospital (PCH) for Rs. 287 crore.

The transaction involved a combination of fresh investments and acquisition of shares from existing promoters, Rahul Khosla, Chairman, Max Healthcare and Managing Director of Max India, told a press conference here.

Situated four km from Max Super Speciality Hospital in Patparganj, the 340-bedded Pushpanjali Crosslay is at a prime location along the East Delhi-Ghaziabad-Noida corridor and has the capacity to expand up to 540 beds.

It has been operational since 2010.

Khosla said PCH’s 340 operational beds will allow immediate revenue and profit accretion to Max Healthcare. Last fiscal, PCH clocked a turnover of about Rs. 145 crore.

Growth strategy

Mohit Talwar, Deputy Managing Director, Max India Ltd, said funding for this acquisition will come out of internal accruals and some debt mobilised by Max Healthcare.

The acquisition is in line with Max Healthcare’s ambitious growth strategy and follows its impressive financial performance and turnaround to profitability, Khosla said.

Max Healthcare is open to more acquisitions and would look at all opportunities coming its way from across the country, particularly in North India, Khosla added.

At the same time, he noted that Max Healthcare will not go on a buying spree and will only like to “grow sensibly”. Business Line