Manipal Integrated Services Ltd, a part of Manipal Education and Medical Group (MEMG) has acquired Bangalore-based Woodstock Ambience, gated living provider for students and young professionals, for an undisclosed amount, according to the company.
Founded in 2000, Woodstock has been in operation for over seven years. It is one of India's first campus style residence for post-graduate students and young professionals. The company offers facility management services to educational institutions, hospitals, corporate houses, research laboratories and hospitality institutions.
Woodstock is built on over two acres of land with single and double occupancy options which can accommodate over 1,000 people.
"Woodstock matched our requirements of providing a campus with facilities that encourage smart community living for students and young professionals. Woodstock has clientele like IBM, Infosys, Hewlett-Packard, TATA Consultancy Services and Wipro," said K Shobhit Agarwal, CFO of Manipal Integrated Services.
Incorporated in 2004, Manipal Integrated Services (formerly Manipal Servicecorp Facility Management Pvt Ltd) provides facility management services. It offers healthcare facility management, ancillary, engineering and food services.
It also seeks to build and manage student accommodations across the country as an extension of its education services business. The latest acquisition marks the first big move in tune with that strategy.
Last November, IDFC Private Equity Fund III, a fund managed by IDFC Alternatives Ltd had invested $18.10 million (Rs 100 crore) to pick a 40 per cent stake in the firm.
Manipal Education and Medical Group operates educational and healthcare institutions in India and internationally. It offers education and healthcare, continued medical education and distance education services. It also engaged in research of genomics, genetics and stem cells.
(Edited by Joby Puthuparampil Johnson)
