| Narayana Hrudayalaya Limited together with its subsidiaries and associates is primarily engaged in business of rendering medical and healthcare services. Narayana Hrudayalaya Limited, the flagship company of the Group, was incorporated on 19th July 2000 by Dr. Devi Prasad Shetty as its Founder. It has a network of 23 multi-speciality and super speciality hospitals with 7 heart centres spread across 18 locations in India and 1 multi-specialty hospital in Cayman Islands.
During the financial year ended 31 March 2016, Company acquired the entire remaining 26% in Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) from Infrastructure Development Corporation (Karnataka) Limited (IDECK) by paying Rs 3,025.60 Lacs as total purchase consideration to make NHSHPL as its wholly owned subsidiary.
During the year under review, the company through its wholly owned subsidiary entered into an agreement with prominent Kenyan doctors and couple of leading international financial institutions to establish a multi-specialty hospital in Nairobi, Kenya. The company through its wholly owned subsidiary would initially own 26% equity stake in the operational entity for a consideration of USD 1.325 million. The multi-specialty hospital will be a state of the art tertiary care facility poised to cater to patients across different specialties. The 130 bedded hospital will provide affordable quality care that Narayana stands for, to the patients from Kenya and neighbouring African countries.
During the year under review, the company received National Accreditation Board for Hospitals & Healthcare Providers (NABH) accreditation for 5 new units viz. HSR, Guwahati, Ahmedabad, Jamshedpur and Mysore.
Asia Healthcare Development Limited (AHDL) was a wholly owned subsidiary of the Company which was engaged in the business of operation of hospitals, clinics, health centers, nursing homes and other related activities. The Company was sold in November 2016 to Lila Hospitals Private Limited by executing a Share Purchase Agreement for the sale of all its shares for a consideration of Rs. 38.34 lacs.
The promoters and promoter group of the company other shareholders (JP Morgan Mauritius Holdings, Ambadevi Mauritius Holdings, Ashoka Investment Holdings) offloaded a total of 2.45 crore equity shares of Narayana Hrudayalaya by way of an initial public offer (IPO). The IPO was open for subscription during the period from 17 to 21 December 2015. There was no fresh issue of shares from the company. The company got its securities listed on BSE Limited and on National Stock Exchange of India Limited on 6 January 2016.
During the year ended 31st March 2016, the Company completed the Initial Public Offering (IPO) through an offer for sale by existing shareholders to the extent of 24,523,297 equity shares of face value of Rs10 each for a cash price of Rs 250 per equity share including a premium of Rs 240 per equity share, of 6,287,978 equity shares by Ashoka Investment Holdings Limited, 1,886,455 equity shares by Ambadevi Mauritius Holdings Limited, 12,261,648 equity shares by JP Morgan Mauritius Holdings IV Limited, 2,043,608 equity shares by Dr. Devi Prasad Shetty and 2,043,608 equity shares by Shakuntala Shetty aggregating to Rs 6130.82 million and the equity shares of the Company were listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on 6th January 2016.At the beginning of the financial year ended 31 March 2017, Narayana Hrydayalaya made significant investments by acquiring NewRise Healthcare Private Limited from Panacea Biotech Limited at an enterprise value of Rs 180 crore. On the organic route, the company started fiscal 2016-17 with the commissioning of its super speciality facility at Kakriyal, Jammu (established in partnership with Shri Mata Vaishno Devi Shrine Board). The 230 bedded facility is a state-of-the-art tertiary care facility catering to patients across 20 different specialities with a particular focus on cardiac sciences and oncology
Pursuant to a Share Purchase Agreement executed in November 2016, Asia Healthcare Development Limited was sold to Lila Hospitals Private Limited. Narayana Hrydayalaya's subsidiary Narayana Hrudayalaya Hospitals Malaysia Sdn Bhd (Narayana Malaysia) filed an application for voluntary liquidation, pursuant to Section 257(1) of the Companies Act, 1965 of Malaysia in January 2017.
During the financial year ended 31 March 2017, the company launched a dedicated 30 bedded platinum wing in Mazumdar Shaw Medical Centre, Bengaluru to offer world-class services and comfort in line with international standards of dedicated care and hospitality. During the year under review, the company partnered with Cisco to offer affordable remote diagnostic capabilities; this digital telemedicine solution would deliver advanced specialized healthcare services remotely in various parts of the country.
Narayana Hrydayalaya's wholly owned subsidiary Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) entered into a Healthcare Services Agreement in March 2017 with Dharamshila Cancer Foundation and Research Centre for operating a hospital in New Delhi. NHSHPL is engaged in the business of operating and maintaining hospitals, clinics, health centers, nursing homes and other related activities.
Towards the beginning the financial year ended 31 March 2018, the company commissioned SRCC Children's Hospital at Haji Ali Park, Mahalaxmi in Mumbai. The facility is operated and managed by Narayana Hrydayalaya and backed by SRCC, an institution renowned for serving the needs of children from all sections of society. SRCC Children's Hospital is the company's maiden foray in Mumbai and a well-calibrated step in line with the group strategy to reinforce its presence across selected regional clusters. Narayana Hrydayalaya also acquired) a ~230 bedded near complete hospital at Gurugram in early 2017-18.
During the financial year ended 31 March 2018, NewRise Healthcare Private Limited (NRHPL) was merged with the company vide Regional Director's Order dated 4 October 2017. NRHPL was a wholly owned subsidiary of the company which was acquired from Panacea Biotech Limited during the year under review.
The company commissioned 2nd LINAC at Westbank in June 2017. The wholly owned subsidiary company, Narayana Cayman Holdings Ltd. was merged with the step-down subsidiary, Health City Cayman Islands Ltd. through Scheme of Merger effective April 1, 2021.
In 2023, The Health City Cayman Islands Ltd. (HCCI) acquired the 100% Ordinary Shares in the ENT in Cayman Ltd. on 3rd March, 2023. Accordingly, ENT in Cayman Ltd. was made a 100% step-down subsidiary of the Company.
In 2022-23, the Company through a Business Transfer Agreement (BTA) with hiva and Shiva Orthopaedic Hospital Private Limited acquired its Orthopaedic and Trauma Hospital effective from October 1, 2022 as a going concern on slump sale basis for an aggregate cash consideration of Rs 200 Crores. The Company launched its first ever Cadaveric Liver & Kidney Transplant at DNSH, Delhi. Narayana Multispecialty Hospital, Jaipur performed its First Liver Transplant in FY23. Narayana Multispecialty Hospital, Jaipur commissioned its new LINAC Machine, further bolstering its capabilities in the field of Oncology. Narayana Institute of Cardiac
Sciences (NICS), in Health City, Bengaluru operationalized three new Operating Rooms, expanding its capacity to serve patients in need of surgical procedures. Mazumdar Shah Medical Centre (MSMC), Bengaluru acquired the Sparsh Hospital unit it its Health
City premises in Bommasandra and expanded its scope of clinical services by launching the Dept. of Orthopaedics & Joint Replacement. MSMC went on to become the largest Bone Marrow Transplant (BMT) facility in India, with a total capacity of 35 Bone Marrow Transplant (BMT) beds. Dharamshila Narayana Superspecialty Hospital (DNSH) in Delhi expanded its clinical services
by adding Da Vinci Robot and launching Robotic GI Surgery, providing patients with access to cutting-edge surgical technology.
The Unit also upgraded its Radiation Therapy system to Versa HD platform, installed an Advanced Nurse Call Bell System with Patient
Tracker & Announcement Facility and, conducted its first successful Cadaveric Liver Transplant in the year. |