HealthCare Global Enterprises Limited entered into share purchase agreement to acquire 51% stake in Vizag Hospital and Cancer Research Centre Private Limited for INR 2.1 billion.

HealthCare Global Enterprises Limited (NSEI:HCG) entered into share purchase agreement to acquire 51% stake in Vizag Hospital and Cancer Research Centre Private Limited for INR 2.1 billion on June 28, 2024. HealthCare has also entered into another agreement under which balance 49% stake will be acquired in Vizag Hospital in tranches. Vizag Hospital would have 7 directors on the board.

With completion of the First Closing, HealthCare Global will be entitled to appoint 4 (four) directors on the board of Vizag Hospital, and with completion of the Second Closing, HealthCare Global shall have the right to appoint 5 directors on the board of Vizag Hospital. For the period ending March 31, 2024, Vizag Hospital and Cancer Research Centre Private Limited reported total revenue of INR 1.2 billion and EBITDA of INR 422 million. The transaction is conditional upon approval from the board of directors of HealthCare Global and is expected to complete in Q2 FY 2025.