Max Healthcare (MHC) is set to acquire 51 percent stake in the Delhi-based Saket City Hospital for an undisclosed amount from BK Modi group firm.
MHC will acquire the stake from Smart Health City Ltd, the Singapore based BK Modi Group company which manages and operates the Delhi based SCH, Max Healthcare said in a statement.
The transaction is subject to confirmatory diligence, requisite regulatory approvals and other customary conditions, it added.
"Max Healthcare is confident that this acquisition will provide significant opportunities through the realization of a clear vision that includes setting up a world class center dedicated to oncology, development of high end neurosciences capabilities...," said Rahul Khosla, MHC Chairman.
Located in the heart of South Delhi's Saket area, SCH, which started operations in 2013, has 230 operational beds and is currently expanding to 300 beds.
Max Healthcare plans to further expand this facility by 900 additional beds, thereby expanding SCH's capacity to 1,200 beds. This addition represents a more than 50 percent increase compared to Max Healthcare's current capacity and will significantly enhance access to quality healthcare.
Smart Global Group Founder & Chairman, B K Modi said the partnership between Smart Health City and Max Healthcare will be transformational for healthcare delivery in North India.
"Max's reputation as a premier healthcare provider and the expertise of their international JV partner, Life Healthcare, South Africa, will act as a catalyst for Smart Health City's aspirations of creating a world class healthcare destination," he added.
Currently, Max Healthcare has 13 facilities in North India, offering services in over 30 medical disciplines.