New Delhi, Feb 11: Max Healthcare Institute Ltd today announced the deal to acquire Eqova Healthcare Private limited, a company with long term exclusive rights to aid development of and provide medical services to a 400-bed hospital to be built on 2.1 acres of land parcel in Patparganj, Delhi, owned by Nirogi Charitable and Medical Research Trust.

The hospital will be located on NH 24 expressway and falls on the metro corridor. The site is 800 metre from the existing 402 bed Max Super Speciality Hospital, Patparganj, which has been consistently reporting high level of occupancies.

 “This new hospital will allow us to cater to the need for quality healthcare of East Delhi community and fortify our network footprint in NCR in a synergistic manner. It will further enable us to bring high end clinical programme and technologies to the region and also help us to continue serving the indigent patient community,” said Dr. Abhay Soi, Chairman and Managing Director, MHIL.

The initial acquisition of majority stake is by way of upfront purchase of 26% stake, with an Escrow mechanism set up for additional 34% under call/put options to be exercised linked to achievement of certain milestones. In addition, the parties have agreed to call/put options for the balance stake to be exercised on achievement of defined milestones.