Poland-based healthcare provider, Medicover AB, has picked up 22 per cent stake in the Hyderabad-based Maxcure group of hospitals with Rs. 100 crore.
Medicover’s investment in Maxcure could go up to Rs. 320 crore, amounting to 51 per cent stake, going forward.
Announcing this at a press conference held here on Tuesday, Anil Krishna, MD, Maxcure, said the partnership with Medicover would allow his group to expand operations across the country and overseas.
As of now, it is evaluating Chennai, Bengaluru, and Pune for expansion.
“This is a first-of-its-kind investment from a Western health care major in the Indian healthcare industry, as investments made so far have been mainly from Asian players,” Krishna said.
Set up in 2015 with 200 beds as an entity of the Sahrudaya healthcare group, after taking over Medicity Hospitals Maxcure now has facilities in nine locations in Telangana and Andhra Pradesh.
Its top line was Rs. 350 crore last year and it expects a turnover of Rs. 500 crore this year. So far, Maxcure has invested Rs. 500 crore.
Fredrik Stenmo, Chairman, Medicover, said India was the fastest growing market in the world.
“We are very long-term focussed as a family-based business group,” he said, describing the investment as a ‘big step’ in India.
Medicover will invest another Rs 220 crore within the next two years to hold 51 percent in MaxCure, which currently has nine hospitals in Telangana and Andhra Pradesh.
Hari Krishna, CEO, MaxCure, said the group will increase the number of hospitals to 20 within two years with a total investment of Rs 500 crore including the investment by Medicover.
It plans to open three new hospitals in Bengaluru, Chennai, and Pune in the next financial year. He said they were also looking at opportunities in Delhi, Guwahati, `and other cities.
This is the second investment of Medicover after it ventured into the Indian healthcare sector last year with the launch of In Vitro Fertilisation (IVF) clinics in Delhi.
News Source: TheHinduBusinessline