Parkway Group takes control of Continental Hospital

M Somasekhar Hyderabad | Updated on January 11, 2018

Parkway Pantai, one of Asia's leading private healthcare groups, is on an expansion-cum-consolidation phase in India. It has announced the allotment of an additional 1.3 per cent shares in Hyderabad-based, Continental Hospitals Pvt Ltd (CHPL), through its subsidiary, Gleneagles Development Pte Ltd (GDPL).

The current allotment of shares increases GDPL's stake in CHPL to 52.3 per cent and dilutes the other shareholders to 47.7 per cent. Parkway Pantai will also participate in a rights issue announced by the CHPL Board.

Consequent to these developments, the present Chairman of the Board of Directors of CHPL, Gurunath Reddy, will be replaced by Tan See Leng, who is the MD & CEO of IHH Healthcare and Group CEO & MD of Parkway Pantai.

Tan See will assist in strengthening and growing Continental Hospitals, which is one of the largest single location, super speciality hospitals in Hyderabad at present, according to a company release..

Parkway entered India in 2015 with the acquisition of two major hospitals in Hyderabad — Continental and the Global Hospitals. At present, it has a network of seven hospitals and three medical centres in Chennai, Mumbai, Hyderabad, Bengaluru and Kolkata.

The Gleneagles Global Hospitals has lined up a ₹200-crore expansion plan in the country for latest facilities in transplantation of liver and kidney at its hospitals in Chennai and Bengaluru and emerge as a dominant player in clinical healthcare in the country.

Published on May 03, 2017

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