Leading Indian media firm, Amar Ujala, has acquired a majority stake for around 130 crore as part of its expansion plans in the healthcare sector. Cygnus Medicare is a chain of super speciality hospitals that has spread its wings in the NCR region.
Amar Ujala has said, in a media statement to PTI, “ The investment of Rs 130 crore 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 another statement to PTI, Probal Ghosal (Director, Amar Ujala Ltd) said, “We have concluded a deal of around Rs 130 crore with Cygnus Medicare to take over their 10 hospitals and added our two hospitals in the overall portfolio.” Adding to this, he said, “The company has acquired a majority share in Cygnus Medicare with management control.” He also spoke about the company’s raising of funds, “It is through internal accruals.”
Probal Ghosal will be the chairman of the merged company while the promoters of Cygnus – Dinesh Batra (CEO) and Shuchin Bajaj (Director) — will continue to hold their positions in the company. The promoters and the private equity investors of Cygnus will continue to hold their remaining stake in the company. While Amar Ujala will hold majority stake through its healthcare arm including management control.
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