Tata Steel increases stake in Medica TS Hospital, Kalinganagar to 51%

Tata Steel Limited said that it has increased its stake from 26% to 51% in Medica TS Hospital Private Limited (MTSHPL), the holding company for a 100-bed multi-specialty hospital in Kalinganagar, Odisha, in a deal worth around INR 50 crores.

Operating since 2014, Medica TS Hospital is a joint venture between Tata Steel and Medica Hospitals Private Limited.

The additional 25% stake in the multi-specialty hospital in Kalinganagar has been acquired by Tata Steel through the conversion of 5,102 optionally convertible debentures (OCDs) into equity shares and 4,92,298 OCDs into 4.9 crore 0.01% optionally convertible redeemable preference shares (OCRPS).

Tata Steel increases stake in Medica TS Hospital, Kalinganagar to 51%. Photo courtesy of Multi Hero/Wikipedia.org.

The turnover of Medica TS Hospital for the year ended 31 March 2021 was INR 34.98 crores.

Tata Steel stated: “MTSHPL is an integral part of the Kalinganagar operations of the Company in Odisha and services the employees and community in the area at large.”