Narayana Hrudayalaya acquires NewRise Healthcare from Panacea Biotec
Buying a near-complete hospital with around 230 beds to help NH to strengthens its Northern cluster
Dr Devi Prasad Shetty-promoted Narayana Hrudayalaya Limited (NH) has entered into a definitive agreement to acquire NewRise Healthcare Pvt Ltd from Panacea Biotec Limited for an enterprise value of Rs 180 crores. NewRise Healthcare is setting up a multi-speciality, 230-beds hospital at Gurugram, which is in final stages of completion and is expected to be commissioned within the next 9 months. This marks NH’s first hospital in Gurugram.
This transaction is intended to consolidate NH’s footprint in the Northern cluster and therefore serve the region’s fast expanding healthcare space. With a flexible business model, Narayana Hrudayalaya aims to fast-track its penetration and emerge as a prominent healthcare services provider in the growing NCR market.
Located in South-Western part of NCR, NewRise Healthcare complements NH Group’s East Delhi based Dharamshila Narayana Superspeciality Hospital which is presently an oncology focused unit and will be upgraded to a multi-speciality tertiary care unit. This will help create a strong regional network and drive operational synergies.
These recently consummated transactions by NH also emphasise the group’s intention to create a meaningful pan-India presence. These new initiatives will enable Narayana Hrudayalaya to replicate its established business model to newer regions while providing quality and affordable healthcare services.
Commenting on the announcement, Dr Ashutosh Raghuvanshi, vice chairman, managing director and group CEO, Narayana Hrudayalaya Limited, said, “This development is a step forward in the direction towards reinforcing the newly formed Northern cluster. It also echoes our group’s commitment towards developing this region as vibrant as the existing Karnataka and Eastern clusters. We believe our recent ventures in NCR will help us target this key geography more efficiently while accelerating our trajectory to become a true pan-India healthcare service provider.”
Headquartered in Bengaluru, Narayana Hrudayalaya Limited is one of the leading healthcare service providers in India operating a chain of multispecialty, tertiary and primary healthcare facilities. The company has a network of 23 hospitals and 7 heart centres across India and a single hospital overseas at Cayman Islands with over 5,700 operational beds across all its centres with potential to reach a capacity of over 6,900 beds.
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