Thiruvananthapuram-based Kerala Institute of Medical Sciences (KIMS) has acquired Al Shifa Hospital located at Perinthalmanna in north Kerala as part of its inorganic expansion, as per a company release.
The deal value was not disclosed but a company spokesperson said it involves acquisition of 51 per cent stake at an enterprise value of Rs 300 crore (under $50 million). The debt level and hence the transaction value could not be ascertained.
Run by Al Shifa Hospital Pvt Ltd, the centre was established in 1989 as a NRI venture by P Uneen, having 600 beds. Besides trauma care facilities, it is supported by more than 40 medical & surgical specialties including orthopaedics, gynaecology, cardiology, gastroenterology, neurology, neurosurgery, nephrology, urology and paediatrics.
“We have a flagship hospital in Thiruvananthapuram and are present in other areas of Kerala as well but were not present in north Kerala. This market has a lot of potential and we have been evaluating opportunities here, thus this acquisition,” said Jerry Philip, group general manager operations & healthcare promotion, KIMS.
With this deal KIMS will become one of the largest corporate healthcare network in the state with 1,650 beds which will soon become 2,500, employing 10,000 medical and
non-medical professionals with its current expansion plans underway.
KIMS forayed into the Gulf market by opening KIMS Bahrain Medical centre in Manama, Bahrain. Apart from Bahrain, KIMS currently has its GCC presence in Oman, Qatar, Dubai, and Kingdom of Saudi Arabia. As part of its expansion plans KIMS Group aims to start new wellness clinics, cancer centres and specialty hospitals in more locations in Kerala and Tamil Nadu.
The company is backed by PE firms OrbiMed and Ascent Capital.
(Edited by Joby Puthuparampil Johnson)