How Radiant Life Care catapulted into big league with Max Healthcare deal Noor Arora
Radiant Life Care that operates two speciality hospitals, one in Delhi another in Mumbai, catapulted into the big league with the Max Healthcare deal. Private equity firm KKR-backed Radiant has agreed to acquire the entire 49.7 per cent stake of South Africa-headquartered Life Healthcare Group Holdings Ltd in India's Max Healthcare Institute Ltd for $293 million. Abhay Soi-led Radiant Life Care was seeking acquisitions in the hospital space for sometime now. After KKR picked up 49 per cent stake in Radiant last year for $200 million, KKR India CEO Sanjay Nayar had said that they had an opportunity to acquire assets during industry consolidation. Radiant, as a result, had joined the race to acquire a majority stake in debt-strapped Fortis Healthcare Ltd, but backed out at the last moment. The hospital chain began its India operations around 2010 when it redeveloped BLK Super speciality hospital in Delhi. It is now in the process of expanding BLK into a 1,600-bed hospital. In 2014, Radiant collaborated with Nanavati Hospital Trust to take over the operations of the Mumbai-based 350-bed multispeciality Nanavati Hospital and is now in the process of converting the hospital into a 1000-bed facility.
ARTICLE SOURCE: BS