India-based hospital chain Krishna Institute of Medical Sciences (KIMS) has acquired real estate developer Hiranandani Group’s newly constructed 200-bed hospital property in Thane, Maharashtra in a deal valued at Rs2.75bn ($33.35m).

Spanning about 30,000ft² within Thane’s Hiranandani Estate, the hospital has held an occupation certificate for over a year and is nearly as large as the developer’s hospital with 250 beds in Powai’s Hiranandani complex.

KIMS is a corporate healthcare group specialising in tertiary care and operating hospitals in the states of Telangana, Andhra Pradesh, and Maharashtra.

As a publicly listed company, KIMS is expected to make an announcement to the stock exchange regarding this transaction, soon.

A source familiar with the details revealed that the Thane hospital marks KIMS’ second acquisition, following its 51% stake purchase in Nagpur’s Kingsway Hospital for Rs800m ($9.7m) last year.

The Mumbai market has been challenging for healthcare chains to enter due to the high real estate cost, resulting in a preference for acquiring existing hospitals rather than constructing new ones.

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In the same way, the Manipal group is reportedly holding discussions for the acquisition of a 1,000-bed hospital currently under construction in Borivli.

Additionally, Thane’s Jupiter Hospital will manage the 500-bed hospital of Lodha Group.