Max Healthcare to Acquire 58.4% Stake in Kalinga Hospital for INR 300 Cr

The acquisition marks Max Healthcare’s entry into Odisha and strengthens its presence in eastern India.

Max Healthcare Institute has announced the acquisition of a 58.4% controlling stake in Kalinga Hospital, a 250-bed multi-specialty facility in Bhubaneswar, at an equity value of INR 300 crore, including a control premium.

The acquisition marks Max Healthcare’s entry into Odisha and strengthens its presence in eastern India. The transaction is being executed under a share purchase agreement and is part of the company’s ongoing expansion strategy targeting non-metro markets.

Kalinga Hospital is a NABH-accredited facility built on a 10-acre campus and offers services across key specialties, including neurology, cardiology, orthopaedics, gastroenterology, renal sciences, and oncology. The hospital is also equipped with in-house diagnostic infrastructure, including a 128-slice CT scanner, 1.5T MRI, and a cath lab.

Commenting on the development, Abhay Soi, Chairman and Managing Director of Max Healthcare Institute, said the acquisition provides entry into an “attractive market” through a well-established hospital with operational potential and scope for brownfield expansion.

Max Healthcare has been actively pursuing growth beyond metro cities, focusing on both greenfield and brownfield opportunities to scale its hospital network. The company crossed INR 1 lakh crore in market capitalization last year and has continued to expand capacity across regions.

In a previous move, Max Healthcare entered into a share purchase agreement to acquire Yerawada Properties Pvt. Ltd., to develop a 450-bed hospital in Pune, further underscoring its focus on capacity expansion.

For the quarter ending December, the hospital chain reported revenue of INR 2,608 crore and a net profit of INR 344 crore. Its average revenue per occupied bed (ARPOB) stood at approximately INR 77,900, reflecting stable operational performance.

The Kalinga Hospital acquisition is expected to add to Max Healthcare’s bed capacity and support its strategy to expand in high-growth regional healthcare markets.

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