New Delhi: North India-based hospital chain Park Medi World has announced the acquisition of Agra-based KP Institute of Medical Sciences (KPIMS) in an all-cash deal worth Rs 245 crore. The transaction covers the purchase of the entire existing shareholding of KPIMS and is expected to strengthen Park Medi World's hospital network in northern India.
According to a regulatory exchange filing, Park Medi World will, under the agreement, take full ownership of KPIMS. The acquisition adds a tertiary-care hospital with a total capacity of 360 beds to the Park Group's portfolio, the company said. It said the facility will be integrated into its existing operations after completion of the transaction. With KPIMS, the group aims to improve clinical programmes, raise efficiency levels, and increase bed utilisation over the coming years.
Park Medi World said the deal will strengthen its presence in major urban centres across North India. The company expects the institute to add value soon after integration, supporting its plans to expand healthcare services in the region.
Commenting on the acquisition, Ankit Gupta, the managing director of Park Medi World, said, "The acquisition of the KP Institute of Medical Sciences (KPIMS) marks a significant step in expanding our footprint in North India, in line with the vision of our Chairman Ajit Gupta for 'wellness for all' to deliver accessible, high quality, and affordable healthcare for everyone." "It will strengthen our regional presence and yield strong operational and financial results," he said.
Disclaimer: This story is from the syndicated feed. Nothing has changed except the headline.
