Manipal Hospitals has a signed an agreement with private equity firm Multiples to buy a 100 per cent stake in Vikram Hospital, making it the group’s tenth hospital in Karnataka’s capital city. This is Manipal’s second acquisition this year. The hospital chain acquired the Indian operations of Columbia Asia Hospitals for Rs 2,100 crore in April, making it the second largest hospital chain in the country after Apollo Hospitals. “There are two greenfield hospitals that are currently under construction and once they are complete in the next 24 months, our network of 12 hospitals with over 2,300 beds would be best placed to provide ease of access and comprehensive care to everyone across this fast growing city (Bengaluru),” said Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG).
As the Indian private equity industry continues to mature, the country will see more and bigger buyout transactions, a trend that has steadily gathered pace over the last few years.