KMCH buys out Idhayam hospitals
KOVAI Medical Centre & Hospital (KMCH), a 500-bed corporate multi-speciality hospital, has informed the Bombay Stock Exchange that it has acquired 100% stake in Erode-based Idhayam Hospitals and is planning to make it its wholly-owned subsidiary.Idhayam Hospitals is a 50-bed hospital run exclusively for cardio-thoracic patients. KMCH will be acquiring it for Rs 10.5 crore which involves discharge of unsecured loans, one-time settlement with Indian Overseas Bank, meeting cost of medical equipment and payment to shareholders. Kovai Medical Centre & Hospital already has two satellite centres in Erode, which it kickstarted a year ago.
The two centres have around 125 beds and have three medical departments besides a chest clinic, physiotherapy centre and accident & emergency services. Mr Nalla G Palanisamy, chairman, Kovai Medical Centre & Hospital , said: “The acquisition will help us gain a strong foothold in the neighbouring districts as well and to provide them with quality healthcare. We are also planning to add another 200 beds in the cancer department of our Coimbatore facility that is likely to become operational in the next 20 months.”
