By Lancelot Joseph. Executive Editor, Business India

Two deals in less than two months! On 2 June, Manipal Hospitals announced a definitive agreement with Multiples Private Equity Fund for 100 per cent acquisition of the Bengaluru-based, multi-specialty Vikram Hospital, which makes it Manipal’s 10th hospital in the city. This announcement comes close on the heels of its acquisition of the India operations of Columbia Asia Hospitals in April 2021. 

While the acquisition of the India operations of Columbia Asia provides Manipal Hospitals with the opportunity to scale up its geographical footprint, including entry into key locations like Pune and Kolkata, it also enhances its presence in Bengaluru, as also the NCR. “The deal was funded by internal accruals and an infusion of fresh equity by the shareholders,” says Dilip Jose, MD & CEO, Manipal Health Enterprises Pvt Ltd.

“With the growth in both scale and locations, the network is now able to reach far more patients to meet their healthcare needs, at the same time offering easier access. Also, the combined clinical teams can offer a much wider range of services across the entire network, including the introduction of new therapies. We are also able to introduce new teaching and training programmes that would benefit many aspiring specialists.” Jose feels the integration of the networks into one entity would also pave the way for operating synergies, such as procurement, customer service & outreach and digital initiatives. 

“This second deal was concluded through internal accruals; we did not have to make any additional borrowings,” adds Jose, while not commenting on the size of it. “Vikram Hospital is a reputed facility, offering a wide array of clinical services, and it fitted well with our strategy for Bengaluru. With the addition of this unit, Manipal Hospitals now has 10 hospitals under its umbrella, with over 1,800 beds in Bengaluru, providing unparalleled access and comprehensive care to meet the needs of this growing city.”

Top ranked healthcare provider

Set up in 2009, Vikram Hospital is a 200-bed, high-end tertiary care facility, located in the central business district. It is best known for its clinical expertise in the fields of cardiac and neuro sciences. “Manipal Hospitals has been the top ranked healthcare provider in Bengaluru for over two decades,” affirms Ranjan Pai, chairman, Manipal Education & Medical Group (MEMG). “And, this addition is a reiteration of our commitment to meet the healthcare needs of the city and the region. There are two greenfield hospitals that are under construction and once they are complete (say, in the next 24 months), our network of 12 hospitals with over 2,300 beds will be best placed to provide ease of access and comprehensive care to everyone across this fast-growing city.”