KOCHI: UAE-based healthcare conglomerate VPS Healthcare has taken majority stake in Lakeshore Hospital in Kerala, a tertiary-level super specialty hospital and pioneer in large-scale health tourism.
Following the deal, the name of the hospital has been renamed VPS Lakeshore, and Dr Shamseer Vayalil, son-in-law of Yusuff Ali M A, will be the new CMD. The stake held by Yusuff Ali and Dr Shamseer in the hospital has gone up from 19 per cent to 60 per cent.
Announcing the deal, Dr Shamseer, MD of VPS Healthcare, said that the acquisition is a part of the ambitious expansion plans VPS has chalked out for the subcontinent in the next 5 years.
Dr Philip Augustine, the current managing director of Lakeshore Hospital, is moving out following the new development.
Presently, with 350 beds, more than 30 specialties and centre of excellence for multi organ transplant services, VPS Lakeshore Hospital is already one of the largest super specialty hospitals in South India with state-of-the-art facilities and increasing number of successful procedures. “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 2 lakh sq. ft. block, with an investment of around Rs 300 cr, will be operational shortly.
S K Abdulla, who has taken over as the CEO of VPS Lakeshore, said in addition these, new Cardiac Electro Physiology Lab with ICD, CRT machines, which helps in the early diagnosis and providing advanced treatment for variation of heart beat, will also be set up in the new block.
“We see India as biggest opportunity in healthcare and acquisition of Lakeshore has great synergy with our growth strategy. 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 first phase of our expansion plan in India, we have allocated over Rs 1000 cr,” Dr Shamsheer said.
In a span of less than a decade, with a combined business turnover of around $1 billion, VPS Healthcare has created a portfolio of 16 hospitals and network of over 100 medical centres in addition to ventures in pharmaceutical manufacturing and retail.