Meerut : Amar Ujala, India’s leading integrated media company invests in Cygnus hospitals, a leading chain having 10 NABH accredited hospitals across Haryana and Delhi. The aim is to bring affordable and accessible global standards of healthcare infrastructure to the populace residing in Tier 2 and Tier 3 cities.. It is the only chain in India providing value based secondary and tertiary healthcare beyond metros, especially in conditions where the Golden Hour is of critical importance.
Amar Ujala Limited is making a total investment of Rs 130 crs which 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. 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 promoters- Dr Dinesh Batra and Dr. Shuchin Bajaj respectively.
AZB & Partners, Mumbai and Jerome Merchant & Partners were legal advisors to Amar Ujala and Cygnus Medicare on this deal respectively.
Speaking on the strategic narrative driving the move, Mr Probal Ghosal, Director, Amar Ujala Limited, comments, “We felt the need of creating infrastructure and multiple access points with high quality healthcare delivery systems and accordingly we ventured into this space to work for the underserved Tier 2 & Tier 3 people in Northern India. With Cygnus already working in that direction, collaborating with them was a natural choice. This partnership will help us to expand, widen our reach and make us more extensive.”
Dr. Dinesh Batra, Promoter, Cygnus hospitals speaking on the collaboration, mentions “It is a historic deal in healthcare space which is going to revolutionize access to quality tertiary healthcare in Tier 2 and 3 towns of India. The asset light model being pursued by both Amar Ujala and us, is highly scalable and replicable in the Indian context. The prime focus is to attract highly skilled specialists and super specialists to smaller towns”.
Further adding to that, Dr. Shuchin Bajaj, Promoter, Cygnus Hospitals, mentions, “Healthcare delivery paradigm is due for a disruptive change and we are at the right time and position to drive Affordable healthcare for everybody, irrespective of their financial or social status.”
Going forward, the company looks to provide inclusive primary and preventive healthcare access through innovative digital devices and solutions across regions in Uttar Pradesh, Haryana, Uttarakhand and Jammu & Kashmir. Ujala Cygnus aims to establish 10 more hospitals over the course of next three years.
Dr. Dinesh Batra and Dr. Shuchin Bajaj will be on the board of Ujala Cygnus and continue in their previous roles whereas Mr. Probal Ghosal will take the position as the Chairman of the new entity.