New Delhi: Leading media firm Amar Ujala Ltd has acquired a majority stake in Cygnus Medicare, which operates a chain of super specialty hospitals, for around Rs 130 crore as part of its expansion plans in the healthcare segment. Cygnus Medicare currently has more than 1,000 beds across its 10 super speciality hospitals in Delhi and Haryana. “We have concluded a deal of around Rs 130 crore with Cygnus Medicare to take over their 10 hospitals and added our two hospitals in the overall portfolio,” Amar Ujala Ltd Director Probal Ghosal told PTI. The company has acquired a majority share in Cygnus Medicare with management control, he added. On raising of funds for the acquisition, Ghosal said, “It is through internal accruals.” The investment of Rs 130 crore includes a significant primary commitment which includes the merger of two Ujala Healthcare hospitals as well as the secondary investment which provides an exit to angel investors and a partial exit to existing institutional investors, Amar Ujala said. In the merged entity, Amar Ujala through its healthcare arm will hold a significant stake along with management control and balance will be held by Eight Roads Ventures, Somerset Indus, Evolvence India and previous… Read full this story
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