India-based Apollo Health and Lifestyle (AHLL), a wholly-owned subsidiary of Apollo Hospitals Group, has acquired Nova Specialty Hospitals for INR145m ($24m).
Apollo intends to expand its presence in the country. Nova’s existing facilities will be transformed into new centres that will be run by Apollo.
Apollo Hospital Enterprises joint managing director Sangita Reddy said: "AHLL is currently present in the secondary care segment through the day surgery and cradle formats.
"Given the immense potential and the need for quality healthcare delivery closer to the home, this acquisition will enable AHLL to significantly expand its footprint and will catapult it into a leadership position in this segment of healthcare."
The acquired business is distributed over eight Indian cities, and will add 45 modular operating theatres and 350 patient beds to the Apollo network.
Nova’s centres will offer in-patient and outpatient services and the combined network will generate up to INR125m ($20m) for the year ending March 2015.
Nova Medical Centres chairman Suresh Soni said: "Nova Specialty Hospitals were early movers in the concept of short stay surgeries in India.
"The main focus was making quality health care affordable and accessible to the masses."
AHLL operates 100 facilities across India and the Middle East, and runs Apollo Sugar Clinics that are integrated diabetes disease management clinics.
Image: Apollo Hospital entrance located in Bengaluru, India. Photo: courtesy of Rohith.ravichandran.1.