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Medicover picks up 22% stake in MaxCure Hospitals

LiveMint logoLiveMint 22-08-2017 PTI

Hyderabad: Hyderabad-based MaxCure Group of Hospitals on Tuesday said European healthcare provider Medicover may pick up a 51% stake in it for a total of Rs320 crore over the next two years.

Medicover on Tuesday announced that it has picked up a 22% stake in the MaxCure Group of Hospitals by investing Rs100 crore. MaxCure Group of Hospitals managing director Dr Anil Krishna said that going forward, the Nasdaq-listed Medicover will be investing another Rs220 crore in MaxCure Hospitals to take their stake to 51% over the next two years. “Our aim is to expand pan-India and overseas, and for this we are partnering with Medicover,” Anil Krishna said.

MaxCure Hospitals had a turnover of Rs350 crore last fiscal and expects to cross Rs500 crore in turnover in the current fiscal, Anil Krishna said, adding they are now looking at expanding to Bengaluru, Pune and Chennai. MaxCure, with nine super-specialty hospitals in the states of Telangana and Andhra Pradesh, is a 1,600-bed hospital group. “Medicover’s search for a strategic investment in multi-specialty healthcare received the best start with the acquisition of stake in the MaxCure group,” said Medicover chairman Fredrik Stenmo.

“We have invested over $100 million in India over the last seven years, and if good opportunities come we are prepared to commit more money,” Fredrik said. MaxCure Hospitals CEO Hari Krishna said they plan to have a total of 3,500 to 4,000 beds and 18 to 20 hospitals by 2019. Two directors from Medicover have been nominated to the MaxCure board.

Medicover was established in Poland in 1995 and its largest operations are in Germany, the United Kingdom, Poland, Romania and Ukraine. This is the second investment of Medicover after it ventured into the Indian healthcare sector last year with the launch of IVF clinics in Delhi.

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