Madurai-based healthcare group Meenakshi Mission hospital is negotiating with a Chennai-based hospital for an estimated Rs 250-crore acquisition. The final cost of acquisition could go higher.
The acquisition of the hospital, with 250 beds, will mark Meenakshi Mission’s entry from the tier-2 city of Madurai into the Chennai healthcare market after expanding to Thanjavur from home turf of Madurai, where it runs a 1000-bed hospital apart from a nursing college and research centre. The hospital also runs a thriving tele-medicine network in the southern parts of the state. “We are still negotiating. It is some weeks before we could get to the stage when the termsheet is signed. But, definitely, we are looking to buy a hospital in Chennai,” S Gurushankar, managing trustee and vice-chairman of Meenakshi Mission Hospital and Research Centre, told.