Hyderabad based KIMS to acquire 51% stake in Nagpur’s Kingsway Hospitals

Hyderabad: Hyderabad based Krishna Insitutite of Medical Sciences on Monday said it has entered into a definitive agreement with SPANV Medisearch Lifesciences Pvt Ltd to acquire a majority stake of 51% in Nagpur based Kingsway Hospitals.

The acquisition will be completed by way of infusion of funds into the company to the extent of 80 crore, which will be used to repay the existing debts and partly to strengthen the balance sheet, KIMS said.

While the existing promoters and shareholders will continue to hold the remaining 49% stake in the Nagpur based multispecialty hospital with over 300 beds, post-acquisition the hospital will be renamed KIMS Kingsway Hospitals, it added.

Commenting on the development, KIMS Hospitals managing director Dr Bhaskara Rao said the acquisition reinforces the group’s vision to provide affordable quality care and will be its second hospital in Maharashtra, the first being in Nashik.

Kingsway Hospital, which was started in 2019 by the Sancheti family along with a few top practicing doctors at Nagpur, today caters to multiple specialties such as cardiology, nephrology, urology, orthopaedics, paediatrics, and oncology.

KIMS has a network of 13 hospitals across Telangana, Andhra Pradesh and Maharashtra.