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Temasek-backed Manipal Hospitals has signed a binding agreement to purchase an 87% stake in Kolkata-based hospital chain, Medica Synergie. 

The deal size is estimated to be around Rs 1,400 crore, Business Standard reported, citing sources. YourStory has not been able to independently verify the report.

The hospital chain said the transaction is slated to be finalised shortly after the standard procedures are completed. The latest acquisition aligns with Manipal Hospital’s strategy to expand its footprint in eastern India. 

“We are delighted to welcome Medica Synergie with its highly talented team of professionals into the Manipal family. With this acquisition Manipal Hospitals builds on its strong presence in Eastern India, enabling us to expand our reach and meet the healthcare needs of this underserved region,” said Dilip Jose, MD and CEO of Manipal Hospitals.  

“We will integrate Medica Synergie into our portfolio and rebrand it. Together, we are poised to deliver enhanced, exceptional quality healthcare to our patients across Eastern India, including in the cities of Kolkata, Siliguri, and Ranchi,” Jose added. 

Medica Synergie’s clinical expertise and infrastructure, coupled with the combined operations of its network, Manipal Hospitals aims to address the increasing demand for top-tier tertiary and quaternary healthcare services in the eastern part of the country.

Following this acquisition, Manipal Hospitals will serve around 7 million patients annually across 37 hospitals spanning 19 cities in 14 states. Moreover, the integration of Medica has expanded the hospital bed count from over 9,500 to over 10,500, it said in a statement.

It currently has a workforce comprising over 5,600 doctors and an employee base surpassing 18,600. 

Last September, Manipal Hospitals acquired an 84% stake in AMRI Hospitals Ltd., a subsidiary of the Emami Group.

Allegro Capital Advisors, Khaitan and Co., and KPMG served as advisors for Manipal Health Enterprise Pvt Ltd in this transaction.