Seattle-origin hospital group sells Indian assets
Manipal Hospitals, one of India’s largest multi-specialty healthcare providers, has announced its intent to acquire a 100% stake in Seattle-origin Columbia Asia Hospitals Private Limited, one of the first healthcare companies to enter India through 100% foreign direct investment (FDI) route.
The transfer of ownership to Manipal Hospitals is expected to be completed post regulatory approvals.
The strong clinical expertise and breadth of services of Manipal Hospitals, complemented by the strengths of Columbia Asia in clinical and service quality, will ensure that the integrated organization would be uniquely placed to improve access and address the growing demand for high quality tertiary and quaternary healthcare in the country.
“Columbia Asia makes a compelling strategic fit to our core values of clinical excellence, patient-centricity and ethical practices, and will help us advance our commitment to provide outstanding patient care,” Manipal Education and Medical Group (MEMG) Chairman Dr Ranjan Pai said on 2 Nov 2020.
“This is the start of an exceptional journey for us and together with Columbia Asia, we are now bigger, stronger and uniquely positioned to meet the growing expectations of the communities we serve across the country,” said Pai, welcoming Columbia Asia Hospitals to the Manipal family.
Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru and presently operates 11 hospitals across the country in Bangalore, Mysore, Kolkata, Gurugram, Ghaziabad, Patiala and Pune. The network comprises of over 1,300 beds, 1,200 clinicians and 4,000 employees.
“From day one, we focused on building a culture of putting the patient first to deliver the highest quality healthcare with integrity and exceptional service,” said Dan Baty, Chairman, Columbia Pacific Management.
“This combination of Columbia Asia and Manipal Hospitals is very exciting because of the strong cultural alignment between the two companies – and the opportunity it provides for continued growth,” he said, sharing his views on the transaction.
The acquisition of Columbia Asia offers a remarkable geographical and cultural fit and provides Manipal Hospitals a larger national footprint.
Together, the combined entity will have 27 hospitals across 15 cities with 7,200+ beds, and a talented pool of 4,000+ doctors and 10,000+ employees. Treating over 4 million patients annually, it would rank amongst the largest healthcare provider networks in the country.
Columbia Asia was founded and is managed by Seattle, WA (USA) based Columbia Pacific Management, Inc. It has developed and oversees healthcare businesses in India, China, South East Asia and Africa.
The innovative design of the Columbia Asia hospitals, from their manageable size to their advanced technology, is focused on creating a positive experience for patients.
In January 2020, Columbia Pacific announced the sale of the Columbia Asia hospitals in Malaysia, Vietnam and Indonesia to a joint venture between Hong Leong and TPG.
As a pioneer in healthcare, Manipal Hospitals is among the top 5 healthcare providers in India serving over three million patients annually. Its focus is to develop an affordable, high-quality healthcare framework through its multispecialty and tertiary care delivery spectrum and further extend it to homecare. #WHO #health #investment #projects #acquisition #banking /fiinews.com
