KIMS Hospitals to buy 51% stake in Kingsway Hospitals Nagpur for Rs 80cr
Krishna Institute of Medical Sciences (KIMS Hospitals) has agreed to acquire a 51% stake in SPANV Medisearch Lifesciences, the operator of Kingsway Hospitals in Nagpur for a sum of INR 80 crores.
Established in 2019 by the Sancheti family along with a few doctors, the Kingsway Hospitals in Nagpur is a multi-specialty hospital with more than 300 beds. Its main specialties include cardiology, urology, nephrology, pediatrics, orthopedics, and oncology.
The acquisition of stake will help KIMS Hospitals expand its presence in Maharashtra, which is one of its identified clusters to grow. In June 2021, the Hyderabad-based hospital chain signed a deal to acquire a 51% stake in KIMS Manavata Hospitals.
Kingsway Hospitals Nagpur had a turnover of INR 173.26 crores as on 31 March 2022.
Dr. Prakash Khetan — Kingsway Hospitals Managing Director said: “At Kingsway, our focus has always been to put patients first. We have found an equally committed partner in KIMS Hospitals who shares our passion.
“I am sure that we will now be able to offer the same world-class clinical experience of KIMS right herein Nagpur to our patients with this partnership.”
Current promoters and shareholders of SPANV Medisearch Lifesciences will continue to own the remaining 49% stake in the healthcare company.
After the acquisition, which is expected to close by the end of next month, Kingsway Hospitals will be rebranded KIMS Kingsway Hospitals.
According to KIMS Hospitals, the existing hospital premises of Kingsway Hospitals Nagpur has the opportunity to further increase the bed capacity as and when needed in the future with minimal capital expenditure.
Dr. Bhaskara Rao — KIMS Hospitals MD said: “The acquisition in Nagpur reinforces our vision to provide affordable quality care to all.
“The clinical and management team of Kingsway Hospitals echoes our value system and is equally passionate about providing the best clinical outcomes to patients. It also reiterates our commitment to expand in Maharashtra and this will be our second hospital in Maharashtra, the first being Nashik.”