Hyderabad-based Global Hospitals, part of Ravindranath GE Medical Associates, has acquired Sri Kanchi Kamakoti Sankara Hospital (formerly Tamilnad Hospital) in an all-cash deal, for Rs. 257 crores. The amount would be paid in tranches. The Chennai-based Sankara Hospital is spread over 46 acres and has 450 beds.
In July 2006, a division bench of the Madras High Court had permitted the Sri Kanchi Kamakoti Peetam Charitable Trust to sell the Sankara Hospital. The trust, in its application to sell the hospital, said it could not run it and had become heavily indebted. Subsequently, corporates and healthcare majors, including the Murugappa Group, Satya Sai Hospitals of Chennai, Bangalore-based Shriram Properties, Kolkata-based Advanced Medical and Research Institute and Global Hospitals bid for the property. Global emerged winner by quoting Rs. 257 crores and assured that it would run the existing hospital, retain the employees and provide 50 free beds.
Global Hospitals plans to transform the Sankara Hospital into a ‘Health City’ by incorporating facilities like liver, kidney and a multi-organ transplant institute, a heart and lung institute, neurosciences, trauma, orthopedic and cancer institutes and providing alternative therapy in the next 5-10 years at an investment of around Rs. 750 crores. The acquirer also plans to construct service apartments, and subsequently, also increase the number of beds to 1000.
Read more in the Business Standard article.
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