HealthCare Global Enterprises Limited entered into a share purchase agreement to acquire Nagpur Cancer Hospital & Research Institute Private Limited from Ajay Mehta, Suchitra Mehta and other shareholders for approximately INR 140 million.

HealthCare Global Enterprises Limited (NSEI:HCG) entered into a share purchase agreement to acquire Nagpur Cancer Hospital & Research Institute Private Limited from Ajay Mehta, Suchitra Mehta and other shareholders for approximately INR 140 million on July 6, 2023. HealthCare Global Enterprises would also acquire the entire partnership interest of Ajay Mehta in HCG NCHRI Oncology LLP, in which currently HealthCare Global Enterprises already holds a majority partnership interest. The turnover of NCHRI for the financial year ended March 31, 2023, was INR 80 million with an EBITDA of INR 76 million.

The completion of the acquisition is subject to the receipt of requisite approvals by NCHRI and other customary conditions including requisite approvals from NIT (Nagpur Improvement Trust), which has allotted the land to NCHRI to construct and operate super specialty hospital in Nagpur. The deal is expected to close in Q2 FY 2024.