Updated: Aug 13, 2019, 06.39 AM
Radiant Life Care that acquired Max Healthcare through a two stage structured transaction, has restructured its board of directors and leadership team. Former Sebi Chairman UK Sinha and Micheal Neeb former president of HCA Healthcare, a US-based leading hospital chain joined as independent directors.
In addition, Radiant has nominated Sanjay Nayar CEO of KKR as non- executive director. Tara Vachhani and Mohit Talwar will continue as Max India nominees. After the completion of the transaction that will take 8 to 12 months, KKR will be largest shareholder in the Max-Radiant combined entity.
As the merger between Radiant and Max Healthcare is underway, to manage the day to day operations of Max, a management council has been constituted. The council members include three senior directors – Yogesh Sareen, Mradul Kaushik and Vandana Pakle.
In the first part of the deal, Radiant Life Care had acquired 49.7% stake in MHIL for Rs 2,136 crore from South African firm— Life Healthcare. Abhay Soi, Chairman and Managing Director of Radiant has been appointed as the Chairman of MHIL.
The company intends to embark upon a growth strategy based on both organic and inorganic growth, said Abhay Soi promoter of Radiant Life. “Market downturns and uncertainty are best suited to entrepreneurs. Both, talent and opportunities are available to build businesses” Soi said. MHIL intends to follow a well calibrated but robust growth path through organic and inorganic means particularly in Metros of Delhi and Mumbai, he added.
Meanwhile senior executives from Fortis Healthcare including H S Chehal and Umesh Gupta, former regional COO and Head-HR respectively have joined MHIL and Suneel Kapur, National Sales Head at Fortis has joined Radiant.
The new entity will be the third largest hospital chain nationally in terms of revenues across hospitals of Rs 3628 cr in FY 19 and 16 facilities with approx 3,400 beds in operation.