 "Bajaj Finserv arm acquires 100% stake in Vidal Healthcare Services")
Bajaj Finserv's wholly owned subsidiary Bajaj Finserv Health (BFS-Health) Limited, on Tuesday, entered into an agreement for the acquisition of 100 per cent equity stake in Vidal Healthcare Services (VHC) Private Limited, the financial services company said in a regulatory filing.
According to the Pune-based company, the two wholly owned subsidiaries of VHC, Vidal Health Insurance TPA (VHI-TPA) Private Limited and VH Medcare Private Limited (VHMPL), would also become indirect subsidiaries of BFS-Health as part of the agreement.
"BFS-Health would indirectly acquire a 21.3 per cent equity stake in IntentHealth Technologies Private Limited, which is an associate of VHC," the statement added.
JM Financial Limited acted as the exclusive financial advisor to BFHL on this transaction.
While the VHC and the VHMPL both belong to the healthcare sector, the associated subsidiary, VHI-TPA, is a licensed third-party administrator in the field.
Vidal Health operates at 800 locations in India
According to Vidal Health's website, the company boasts an expansive network across India, operating at 800 locations.
The Bengaluru-based VHC logged a consolidated revenue from operations of Rs 227 crore in the previous financial year (2022-2023), the statement said.
More From This Section
Highlighting the main objectives behind the deal, Bajaj Finserv said it aims to expand BFS-Health's operations to offer OPD (outpatient department), wellness, as well as, hospitalisation benefits to customers.
"The acquisition significantly expands Bajaj Finserv's capabilities in the healthcare space, empowering it to service consumer needs for hospitalisation, one of the largest healthcare spending categories," the company said.
"Vidal Health brings deep domain knowledge and vast experience in healthcare administration in India. This, combined with Bajaj Finserv Health's superior digital experience and data management prowess, enables the company to be uniquely placed to lead the healthcare transformation that is underway in India…" Devang Mody, the CEO of BFS-Health, reacted to the announcement.