Medicover to acquire 22% stake in MaxCure
Sweden-based healthcare and diagnostics services provider Medicover AB has decided to expand its operations in India by picking up a 22 per cent stake in Sahrudaya Healthcare Pvt. Ltd, which runs a hospital chain under the MaxCure brand, for 13.2 million Euros ($15.5 million).
The company will look to further increase its ownership in MaxCure, which operates nine hospitals in Andhra Pradesh and Telangana, across two stages within the next two years. MaxCure will be considered as an associate company of Medicover AB.
The company, which had entered the Indian healthcare space in 2016 by agreeing to manage the operations of Medicover Fertility India, is also looking to acquire the company from the principal shareholder, Delhi-based Medicover Healthcare Pvt. Ltd, for $7.4 million (Rs 47 crore).
The European company has presence across Poland, Germany, Romania, Ukraine, and Central and Eastern Europe and offers both outpatient and inpatient healthcare services. In 2016, the company had generated revenue of 497.3 million euros. Sahrudaya, which was incorporated in January 2011, had registered a total income of Rs 166.3 crore and net loss of Rs 6.54 crore in 2015-16.