UAE-based VPS Healthcare has acquired majority stake in the 350-bedded Lakeshore Hospital and Research Center - one of the largest tertiary level super speciality hospitals in Kochi.
In a release, VPS Healthcare Managing Director Shamsheer Vayalil said the acquisition is a part of the group's expansion plans for the subcontinent in the next five years.
Vayalil has also taken over as the Chairman and Managing Director of the hospital, which has been renamed as VPS Lakeshore since the acquisition.
The group, however, did not reveal much about the deals.
"With the acquisition, VPS Lakeshore has become a part of our global healthcare mission which will definitely propel the growth of this reputed institution, both on facilities and capacities.
"As a beginning, part of the new two lakh square feet block, with an investment of around Rs 300 crore, will be operational shortly," Vayalil said.
He said his group sees India as the biggest opportunity in healthcare and acquisition of Lakeshore has great synergy with their growth strategy.
"The healthcare industry in India has tremendous potential to grow and medical tourism industry is currently at a nascent stage and long way to go further. Our aim is to provide quality healthcare with focus on patient centric approach and to promote state of the art facilities for medical tourism."
"During the first phase of our expansion plan in India, we have allocated over Rs 1,000 crore," he said.