Bangalore March 4, 2014:- Jubilant First Trust Healthcare (JFTH), a wholly owned subsidiary of Jubilant Life Sciences, has sold its hospital business to Narayana Health.
JFTH operates two hospitals in West Bengal, Kalpataru in Barasat and Rabindranath Thakur in Berhampore.
The business has been transferred on a going concern basis as a slump sale which will enable Jubilant Life Sciences to focus on its core businesses in pharmaceuticals and life sciences.
Anand Rathi Advisors were the investment bankers for the deal.
Aashti Bhartia, Director, Jubilant First Trust Healthcare, said: “We entered the hospital business with the vision to build high quality and affordable healthcare. We are happy to hand over the hospitals to Narayana Health, whom we are confident of taking the vision forward.”
Speaking on the occasion, Ashutosh Raghuvanshi, Vice-Chairman, MD and Group CEO, Narayana Health, said: “The acquisition of Jubilant First Trust Healthcare’s hospital business in West Bengal is part of our strategic growth plan for East India.
“We have plans to upgrade the facilities at Jubilant Kalpataru Hospital in Kolkata to offer tertiary level super-speciality care in four to six months.”
He further added, “We plan to include these hospitals into our network and reinforce our commitment to West Bengal in bringing super-speciality healthcare services within the reach of the common man.”
