Max Healthcare Institute (MHIL) said it acquired exclusive rights to aid development and provide medical services to a proposed 500 bed hospital in South Delhi.
MHIL announced the acquisition of exclusive rights to aid development and provide medical services to a 500 bed hospital to be built on a 3.5 acres of a prime land parcel in Saket (South Delhi) through its wholly owned subsidiary, Alps Hospital (ALPS).ALPS has acquired 100% stake in ET Planners (ETPPL) in an all cash deal of Rs 60.11 crore, Max Healthcare Institute said in a regulatory filing.
ETPPL has exclusive and long term rights toprovide medical services in key specialties and aid development of a Children's Hospital on this 3.5 acres of land, situated between Max Super Specialty Hospital, Saket and Max Smart Super Speciality Hospital, a unit of Gujarmal Modi Hospital and Research Centre for Medical Sciences.
This will allow integration of existing Max Network hospitals, thus enabling creation of a 2,300+ bed contiguous medical hub spread over 23 acres of land. The first phase of the Hospital is expected to be commissioned in the year 2024.
"This also marks the end of 11 years long litigation, post grant of a unanimous award in favour of MHIL in the ongoing arbitration proceedings," the company said in a statement.
The hospital will have a capacity of ~500 beds, of which 250 beds will be commissioned in the firstphase. The hospital, once fully constructed and operational, shall directly employ about 2,500 people and provide free treatment to approximately 80,000 patients belonging to economically weaker section annually in its in-patient and out-patient department, it added.
The transaction will allow Max Network of Hospitals to expand, integrate and stream line their services across four hospitals located in Saket Complex.
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On a consolidated basis, Max Healthcare Institute reported a net profit of Rs 146.92 crore in Q1 FY22 as against a net loss of Rs 291.20 crore in Q1 FY21. Net sales during the quarter increased by 290.30% to Rs 1,000.17 crore recorded in the same period last year.
Max Healthcare Institute is one of India's largest hospital chain operator (considering only income from healthcare services) in fiscal 2020. It has major concentration in North India consisting of a network of 16 healthcare facilities. Out of the total network, eight hospitals and four medical centres are located in Delhi and the NCR and the others are located in the cities of Mumbai, Mohali, Bathinda and Dehradun.
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