MGM Healthcare acquires 300-bed SevenHills Hospital in Visakhapatnam, India
Chennai-based healthcare group MGM Healthcare has expanded its operations with the acquisition of the 300-bed SevenHills Hospital in Visakhapatnam.
This step is a part of the chapter means of SevenHills Healthcare and means important development for MGM. Inside 5 years after the opening of the primary hospital, the full capability will likely be over 1,000 beds.
The decision plan for the acquisition, valued at Rs1.71 billion ($20m), contains Rs18m for capital expenditure and dealing capital for the newly acquired facility. Regardless of competitors from two different bidders, MGM Healthcare’s proposal acquired unanimous approval from the collectors’ committee at its forty seventh assembly.
SevenHills Hospital reported a turnover of over Rs 1 billion in FY 2024.
Prashanth Rajagopalan, Managing Director, MGM Healthcare, stated, “The strategic acquisition of SevenHills Hospital by MGM Healthcare marks our first enterprise past Chennai and is a milestone in our imaginative and prescient to increase entry to high quality, reasonably priced and customized healthcare.”
He added, “By becoming a member of forces with SevenHills, a revered establishment with a deep-rooted heritage in Visakhapatnam, we’re poised to serve sufferers in Vizag and from the neighbouring states of Telangana, Odisha and Chhattisgarh.”
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The acquired hospital not solely gives healthcare but additionally homes a nursing faculty and coaching facility accredited by the Authorities of Andhra Pradesh. Additionally it is acknowledged by the Nationwide Board of Examinations to run Diplomate in Nationwide Board applications in Anaesthesiology and Normal Surgical procedure.
Ernst & Younger suggested MGM Healthcare on this acquisition course of.
This development follows the sooner acquisition of Fortis Malar Hospital in Chennai by MGM Healthcare from Fortis Healthcare for about ₹1.28 billion ($15.36 million) in November final 12 months.
