Hiranandani Group sells 200-bed Thane hospital to Hyd chain for Rs 275 crore

June 10, 2023

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Mumbai-based developer Hiranandani Group , which has diversified into the health sector, has sold its newly constructed hospital property in Thane to Telangana-based hospital chain Krishna Institute of Medical Sciences (KIMS) for Rs 275 crore.

The 3 lakh sq ft hospital in Thane's Hiranandani Estate has been ready with an occupation certificate for over a year and is almost as big as the developer's 250-bed hospital in Powai's Hiranandani complex. Hiranandani also has a small hospital in its Ghodbunder Road project and had built the 200-bed hospital near it, which it has now sold. TOI has learned that the Hiranandanis decided to sell the third hospital as no one in the family was interested in running it. Developer Niranjan Hiranandani did not comment on the deal when contacted by this newspaper. KIMS is a corporate healthcare group with hospitals in Telangana, AP, and Maharashtra, and focuses on tertiary care.

Hiranandani Group's deal with KIMS for the Thane hospital was concluded last month. KIMS, which is a listed company, is expected to inform the stock exchange soon. A source, who is aware of the details of the deal, said the Thane hospital would be the second acquisition for the

Hiranandani Group's deal with KIMS for the Thane hospital was concluded last month. KIMS, which is a listed company, is expected to inform the stock exchange soon. A source, who is aware of the details of the deal, said the Thane hospital would be the second acquisition for the Hyderabad-based KIMS Hospitals. In 2022, the chain bought a 51% stake in Kingsway Hospital, Nagpur, in an Rs 80-crore deal.

Due to high cost of real estate, most healthcare chains have been slow to enter the Mumbai market all these years. "The entry to Mumbai is usually 'inorganic' in that most chains prefer to buy an existing hospital," said hospital management consultant Dr Vivek Desai.

For instance, the Manipal group is reportedly in talks about acquiring an under-construction, 1,000-bed hospital in Borivli. Jupiter Hospital from Thane will manage the Lodha Group's 500-bed hospital near Palava. TNN

Source : indiatimes.com

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