KIMS Acquires Queen’s NRI Hospital to Expand Vizag Presence

On July 09, 2024, Krishna Institute of Medical Sciences Limited announced via a stock exchange filing that it had signed a definitive agreement to acquire a 100% controlling stake in Chalasani Hospitals Private Limited, the owner of Queen’s NRI Hospital in Vizag. This acquisition includes a 200-bed multi-specialty hospital in a prime location in Vizag.

Queen’s NRI Hospital (QNRI) is a 200-bed hospital located in a prime area of Vizag. Established in 1995, it spans around 1,50,000 square feet. The hospital is in a densely populated area with significant growth potential. The nearest hospital is about 5.5 km away, and New Vizag’s health city is approximately 17 km from the location.

KIMS already operates a multi-specialty hospital and a gastro unit in Vizag. Adding QNRI will help KIMS capture a larger market share, and the hospital’s prime location further enhances its appeal.

KIMS has signed a Share Purchase Agreement with the previous promoters and shareholders of Chalasani Hospitals Private Limited, the owners of QNRI, to acquire 100% of the company.

Dr. B. Bhaskara Rao, CMD, KIMS Hospitals, said, “This is our 2nd Hospital in Vishakapatnam (KIMS-ICON Hospitals was acquired in 2018). It underscores the tremendous opportunity we see in this city, and we’ll continue to look for inorganic opportunities to build on our dominant position in Andhra Pradesh. With the addition of Queen’s NRI Hospital, we now have over 630 beds in Vishakapatnam to provide world-class healthcare facilities.”

About KIMS Hospitals

KIMS Hospitals is one of the largest healthcare groups in India. They provide a wide range of integrated healthcare services at affordable prices, focusing on high-level (tertiary and quaternary) care. The Krishna Institute of Medical Sciences (KIMS) operates a network of 12 hospitals with 3,975 beds across Telangana (Secunderabad, Kondapur, Gachibowli, and Begumpet), Andhra Pradesh (Nellore, Rajahmundry, Srikakulam, Ongole, Vizag, Anantapur, and Kurnool), and Maharashtra (Nagpur). KIMS offers comprehensive healthcare services across more than 40 specialities and super specialities.

On July 10, 2024, Krishna Institute Of Medical Sciences Ltd’s share price opened at ₹2,150.00, touching the day’s high at ₹2,193.90 as of 09:54 AM on the NSE.

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