Max Healthcare Institute Ltd, through its wholly owned subsidiary, Crosslay Remedies Ltd (CRL), has announced the execution of a binding share purchase agreement (SPA) for the acquisition of a 100 per cent stake in Starlit Medical Centre Pvt Ltd (Starlit) for ₹940 crore.

Starlit had entered into a business transfer agreement (BTA) with Sahara India Medical Institute Ltd for the purchase of the healthcare undertaking, consisting of 550 bedded Sahara Hospital, Lucknow, on a slump sale basis. 

The hospital is located on a land parcel of 27 acres at Gomti Nagar, Lucknow. It is housed in a 17-storey building with a built-up area of 8.9 Lakh sq ft and offers multi-disciplinary care in various specialties like Gastroenterology, Neuro, Surgery, Cardiology, Pulmonology, and diagnostics facilities.

Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd, said: “We expect to quickly improve the operating and financial performance on the strength of medical excellence of our clinicians and continued patronage from our patients. Through our presence in Lucknow, we aim to bring quality healthcare to the people of Uttar Pradesh.” 

The stock of Max Healthcare Institute closed with positive momentum on Friday, up by 1.37 per cent on the NSE to ₹678.