Max Healthcare acquires Pushpanjali Crosslay Hospital for Rs 287 cr

Max Healthcare Institute Limited, a joint venture between Max India Ltd and South Africa-based Life Healthcare, has signed a definitive agreement to acquire a controlling stake of 76 percent in NCR based Pushpanjali Crosslay Hospital (PCH) through a combination of fresh investment and acquisition of shares from existing promoters for an aggregate sum of Rs 287 crore.
 
Situated just 4 km from Max Super Speciality Hospital in Patparganj, the 340-bedded Pushpanjali Crosslay is located in a prime location along the East Delhi-Ghaziabad-Noida corridor. The hospital, which has the capacity to expand up to 540 beds, is NABH and NABL accredited and has been operational since 2010.
 
PCH was founded by prominent Delhi clinician Dr Vinay Aggarwal along with a cooperative of around 250 doctors and 450 nursing staff. It had reported revenue of Rs 143 crore at an EBIDTA margin of 14% in FY2014.