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Swedish firm to invest 320 cr in MaxCure
City-based MaxCure Hospitals on Tuesday received a big boost for its expansion plans with Swedish healthcare major Medicover agreeing to invest Rs 320 crore in it for a majority stake of 51 per cent.
Hyderabad: City-based MaxCure Hospitals on Tuesday received a big boost for its expansion plans with Swedish healthcare major Medicover agreeing to invest Rs 320 crore in it for a majority stake of 51 per cent.
Stockholm-based Medicover has initially invested Rs 100 for 22 per cent stake, valuing MaxCure at around Rs 450 crore. Its investment will go up to a maximum of Rs 320 crore over next two years, leading to 51 per cent share in the Hyderabad-based company.
MaxCure established its first multi-specialty hospital in 2015 at Madhapur, Hyderabad, before embarking on an expansion spree. It acquired Mediciti Hospitals located in the heart of the city and healthcare facilities in other locations. At present, it operates nine hospitals spread across Hyderabad, Nizamabad and Karimnagar in TS, and Nellore, Visakhapatnam and Kurnool in AP.
“We will use funds raised from MediCover investments to expand our operations pan-India. We are actively looking at establishing hospitals in Karnataka, Maharashtra and North East.
Our aim is to transform MaxCure into fifth largest hospital chain in India,” Dr Anil Krishna, MD, MaxCure Hospitals, told the media after announcing partnership with the European company, here. Pointing out about the transformational change going on in the Indian healthcare sector that would push standalone hospitals and clinic in oblivion, he said the partnership with MediCover would help company expand globally.
