Manipal Health Systems (MHS), the Bangalore-based Rs 500-crore healthcare chain focused on south India, is losing the services of its long-serving MD & CEO R Basil, at a crucial juncture when there is an emerging threat from Fortis Healthcare, which is expanding its presence in the south.
Basil, after a stint of six years with this firm, is moving out after having spearheaded this chain from around Rs 60 crore to Rs 500 crore.
Manipal Health Systems manages three tertiary care hospitals, eight secondary care hospitals and nine primary care centres in south India and according to industry sources, it probably has about 60 facilities either managed by it or owned by it.
The group, which is set to see revenues of around Rs 500 crore this fiscal, is also looking to raise funds for its next stage of expansion. The group also saw an investment by IDFC about three years ago. It now needs to build bed strength and hospitals. Hence, it is looking for the right valuation for raising money.