Max Healthcare Institute has agreed to acquire Eqova Healthcare, a company with a long-term exclusive right to develop and provide medical services to a hospital in Patparganj, Delhi, India.
Owned by Nirogi Charitable and Medical Research Trust, the new 400-bed hospital will be constructed on 2.1-acres of land.
Located on NH 24 expressway, the hospital’s first phase will include 250 beds and will have medical programmes like organ transplant and oncology.
It will also provide multi-disciplinary care in neurosciences, cardiac sciences, renal sciences, etc.
The initial phase of the hospital is planned to be commissioned in the first half of 2026.
Following the commissioning of this phase, 1,150 beds will be operationalised in the second phase.
Once fully operational, the new hospital is expected to provide free treatment for approximately 60,000 patients who belong to the economically weaker section per year in its out-patient and in-patient departments.
Max Healthcare Institute chairman and managing director Dr Abhay Soi said: “This new hospital will allow us to cater to the need for quality healthcare of East Delhi community and fortify our network footprint in NCR in a synergistic manner.
“It will further enable us to bring high end clinical program and technologies to the region and also help us to continue serving the indigent patient community.”
The company stated that initially it will acquire majority stake in Eqova Healthcare by upfront purchase of 26% stake.
The Escrow mechanism is set up for additional 34% under call or put options that will be exercised depending on certain milestones achievement.
Additionally, the companies have agreed for call/put options for the remaining stake which will be exercised depending on the defined milestones achievement.