KKR’s holding will come down to 46.9% and Soi’s holding to 23.2% in the entity formed after the merger of Radiant Life’s healthcare business and Max Healthcare from 66.9% and 33.1% in Radiant life respectively. At present, both the groups are involved in other activities like insurance and real estate. Finally, The healthcare business of Radiant Life and Max India will be de-merged and merged with Max Healthcare to create a pure healthcare company. The acquisition will be completed through a series of transactions. CMD of Radiant Life Soi said Radiant has achieved significant growth and expansion during the time of fast industry consolidation and proposed acquisition of majority stake in Max Healthcare marks exciting step forward. But the group is focused on Northern India with 11 hospitals.
Max India has 14 facilities with 2,400 beds all over the country. Sanjay Nayar, member & CEO of KKR India, said, “We are excited to back Radiant Life’s efforts towards consolidation in the healthcare sector by helping them create an effective platform in India.” Radiant life is managing 650-bed BLK Super Speciality hospital in Delhi and 350 bed Nanavati Hospital in Mumbai. This will also give Singh time and money to focus on other businesses like insurance, real estate and managing senior living. New promoters have deep pockets and will be able to make big investment.
Singh added that the decision to sell health care business stemmed for the fact that the business required a huge investment to continue on its growth path and Max India is not in a position to carry out this drive.
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