Medicover picks up 22 per cent stake in MaxCure Hospitals

Hyderabad: Hyderabad-based MaxCure Group of Hospitals said European healthcare provider Medicover may pick up 51 per cent stake in it for a total of Rs 320 crore over the next two years.

Medicover announced here that it has picked up 22 per cent stake in the MaxCure Group of Hospitals by investing Rs 100 crore.

MaxCure Group of Hospitals Managing Director Dr Anil Krishna said going forward, the Nasdaq-listed Medicover will be investing another Rs 220 crore in MaxCure Hospitals to take their stake to 51 per cent over the next two years.

"Our aim is to expand pan-India and overseas, and for this, we are partnering with Medicover," Anil Krishna said.

MaxCure Hospitals had a turnover of Rs 350 crore last fiscal and expect to cross Rs 500 crore turnover in the current fiscal, Anil Krishna said, adding they are now looking at expanding to Bengaluru, Pune, and Chennai.

MaxCure, with 9 super-specialty hospitals in the states of Telangana and Andhra Pradesh, is a 1600-bed hospital group.

"Medicovers search for a strategic investment in multi-specialty healthcare received the best start with the acquisition of the stake in the MaxCure group," said Medicover Chairman Fredrik Stenmo.

"We have invested over USD 100 million in India over the last seven years, and if good opportunities come we are prepared to commit more money," Fredrik said.

MaxCure Hospitals CEO Hari Krishna said they plan to have a total of 3,500 to 4,000 beds and 18 to 20 hospitals by 2019.

Two directors from Medicover have been nominated to the MaxCure board.

Medicover was established in Poland in 1995 and its largest operations are in Germany, the United Kingdom, Poland, Romania and Ukraine.

This is the second investment of Medicover after it ventured into the Indian healthcare sector last year with the launch of IVF clinics in Delhi.