Construction giant and the diversified conglomerate, Access group has bought 70 percent stake in the specialized mother and baby care hospital, Ninewells Hospital (Private) Limited.
The deal has taken place in mid-December 2015 at an undisclosed price.
“We bought 70 percent stake from them and they (original owners) retained 30 percent,” Access group founder Chairman, Sumal Perera told Mirror Business. The purchase was made through an unlisted entity of the group, Access International (Private) Limited, Perera said.
Access is the latest entrant into the burgeoning healthcare industry in the country as the sector offers extremely high upside given the demand for quality healthcare amid fast rising income levels.
However, Access group has been in the healthcare sector for the past 15 years. Its medical division specializes in laboratory and diagnostic equipment, imaging solutions, medical and surgical instruments, specialized surgical implants, microscopic equipment, patient monitoring, operating theatre products and medical consumables etc.
Ninewells has been in operation for 11 years. The hospital provides comprehensive mother care, baby care and fertility care services ranging from counseling, ongoing antenatal services to labour and delivery, surgery and critical care services.
In recent times, Access group has been seen diversifying into unrelated sectors and has been growing through acquisitions.
Access Engineering PLC, a firm engaged in the business of providing civil engineering services, bought 92 percent stake in the higher education firm Horizon Knowledge City Ltd on November 17 for Rs.575 million.
In November, the company raised Rs.5 billion through a debenture issue.
During the six months ended September 30, 2015, Access Engineering PLC group posted a net profit of Rs.1.28 billion, up 8.5 percent over the corresponding period in the previous year.