Millennium Post

Narayana Hrudayalaya to buy Panacea arm for Rs. 180 crore

Narayana Hrudayalaya has entered into an agreement with Panacea Biotec to fully acquire its subsidiary NewRise Healthcare for an enterprise value of Rs 180 crore.

The company has "entered into a definitive agreement to acquire 100 per cent stake in NewRise Healthcare Pvt Ltd from Panacea Biotec Ltd to announce its first hospital in Gurugram", Narayana Hrudayalaya said in a BSE filing on Friday.

NewRise Healthcare has set up a multi-speciality hospital in Gurugram which is in final stages of completion and is expected to be commissioned within the next 9 months.

This transaction is intended to consolidate Narayana Hrudayalaya's footprint in the northern cluster.
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