Bhubaneswar: BR Life, a leading healthcare services firm based out of Bengaluru, acquired majority stakes of Odisha’s first Super Specialty Kalinga Hospital for Rs 210 Crores.
The acquisition process that had commenced last year has been completed on 30th January 2018, informed Kalinga Hospital General Manager Operations Dr Alok Lodh stationed in Bhubaneswar, Odisha.
Out of this 210 Crores, 100 Crores will be reinvested in the Hospital to construct the new hospital block with modern facilities, advanced OT, Oncology radiation therapy treatment, and advanced sports injury treatment. Following the partnership the people of the state shall be benefitted with super specialty facilities at a affordable cost. BR Life will make its best effort to retain the glory of Kalinga Hospital in the past two decades said Dr. Lodh.
Adding more dedicated facilities & minor upgradation of the hospital to advanced modern standards was the idea of existing NRI doctors which gave them the thought of divesting the stakes said Mr. Subhransu Biswal, Owner & Managing Partner of Mumbai based Investment banking firm ZeusnJove Consultants who assisted Kalinga Hospital as financial and transaction advisor.
The hospital was acquired by the BR Life, owned by Padma Shree Dr BR Shetty, who is the founder and chairman of NMC Healthcare, with an aim to expand its healthcare services in Odisha. BR Life intends to expand its foot print in the country through multiple acquisitions and green field projects.
Kalinga Hospital is built on a 10 acre land leased by Odisha government in heart of the city in the year 1990. The hospital set up by 54 NRI Odias under the name of Hospital Corporation of Orissa (HCO), a company registered in the US, was inaugurated by the then Chief Minister Biju Patnaik. The NRI doctors still remain a significant minority shareholder in the hospital.