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VPS Health buys controlling stake in Rockland Hospitals for ₹1,000 crore
NEW DELHI: UAE-based VPS Healthcare has entered the Indian healthcare industry by acquiring a majority stake in Rockland Hospitals.
NEW DELHI: UAE-based VPS Healthcare has entered the Indian healthcare industry by acquiring a majority stake in Rockland Hospitals.
The company said on Tuesday that it has invested more than ₹1,000 crore in four of Rock land’ s hospitals located at Qutub Institutional area, Dwarka and Manesar (in the national capital region) and Lakeshore Hospital in Kochi, Kerala.
The company will reposition the hospitals as VPS-Lakeshore and VPS-Rockland, apart from strengthening infrastructure with additional doses of investments, it said in a press statement. The group also plans to establish a high-end tertiary care institution in Noida.
“The investment climate in India is very conducive,” said vice-president Sh am sheer, chairman and managing director, VPS Healthcare .“With over 20% of the global disease burden, exploding epidemic of non-communicable disease and ever-increasing gap in providing quality healthcare, India became a natural choice for our expansion.”
VPS is a healthcare conglomerate in the West Asia that has 16 high-end hospitals and more than 100 primary care medical centres.
The trend of larger hospital chains acquiring the smaller ones is getting popular.
In January, this year, Dubai-based Abraaj Group, an emerging markets focussed private equity group, had acquired a controlling 72% stake in Hyderabad-based CARE Hospitals for ₹2,000 crore. It was the largest healthcare services deal in the country and also the largest foreign direct investment for a controlled transaction by any Gulf based entity into India.
Last year, Max Health care had acquired a 76% stake in Pushpanjali Cross lay Hospital in the outskirt of Delhi for ₹287 crore.
