Industry & Economy
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Medical Institutions & Hospitals
`SRMC in talks to acquire Malar Hospitals'
M. Ramesh
N. Ramakrishnan
Chennai
,
Aug. 4
SRI Ramachandra Medical College and Research Institute, which is run by a trust organisation, is in talks to buy Malar Hospitals Ltd, according to sources close to the negotiations.
Malar Hospitals Ltd is a listed company and has a 250-bed multi speciality hospital in south Chennai. It is also a renal transplant centre.
According to the sources, Sri Ramachandra Medical College and Research Institute (SRMC & RI) is carrying out due diligence of Malar Hospitals, after which a decision on whether to go ahead with the deal or not will be taken.
When asked about the likely sale, Dr Nithya Ramamurthy, whole-time Director, Malar Hospitals Ltd, said: "There is nothing like that."
For SRMC & RI, acquiring Malar Hospitals will give it a medical centre in the city, something that it has been wanting to have for some time, according to the sources. SRMC & RI is part of the Sri Ramachandra Education and Health Trust. The hospital and college are in Porur, a western suburb of Chennai. Its hospital has 1,500 beds, 114 intensive care unit beds and 25 operating rooms. The medical college is a deemed university.
Malar Hospitals, in which the promoters hold about 30 per cent stake, has an equity capital of Rs 13.94 crore. It reported a loss of Rs 89 lakh on net sales of Rs 18 crore for the year ending June 30, 2004. For the quarter ending March 31, 2005 its loss was Rs 32 lakh on net sales of Rs 2.9 crore.
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