For further expansion purposes in India, Medicover AB has decided to buy the stake of about 22% in Sahrudaya Healthcare Pvt. Ltd for $15.5 million.
Medicover AB is a Sweden-based diagnostics and healthcare service provider having its presence in Poland, Romania, Germany, Ukraine and Central Eastern Europe. Sahrudaya Healthcare Pvt. Ltd is a hospital chain that operates under the Maxcure brand.
Maxcure currently operates 9 hospitals in Andhra Pradesh and Telangana. Medicover AB is further looking to enhance its ownership stake in Maxcure in next two years.
After this transaction, Maxcure will become an associate company of Medicover AB.
In 2016, Medicover AB entered in Indian Healthcare space specifically to manage Medicover Fertility India operations and also looking to buy the company from Medicover Healthcare Pvt. Ltd for Rs 47 crore.
Fredrik Ragmark, CEO of Medicover AB said, Through these acquisitions, we will get a very interesting footprint in the Indian healthcare market. The private healthcare services market in India is growing about 15% per annum and we anticipate that we can, through our expertise and knowledge, be an active player in this market.