IHH Healthcare beefs up stake in India’s Gleneagles Global Hospitals

The SG-based healthcare provider acquired the additional stake for $121.1m.

IHH Healthcare, through its wholly-owned subsidiary Gleneagles Development Private Limited, has bought out the remaining stake in Ravindranath GE Medical Associates Private Limited (RGE) for a consideration of $121.1m (INR 7.4b / RM 415m).

IHH Healthcare acquired the remaining stake from Dr. Ravindranath Kancherla and his affiliates.

Ravindranath is the founder of RGE, which owns the chain of Gleneagles Global Hospitals in India. It operates six multi-super-specialty hospitals across Hyderabad, Chennai, Bangalore, and Mumbai.

In an announcement, the SG-based healthcare provider expects to complete the transaction by the fourth quarter of 2023.

“With this transaction, IHH will strengthen its leading position as a tertiary and quaternary care platform, including multi-organ transplants, in India and across its key markets,” IHH Healthcare said.

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