MGM Healthcare, a multi-specialty quaternary-care group, has acquired the 300-bed SevenHills Hospital in Visakhapatnam for an undisclosed amount. This acquisition marks the Chennai-based group’s first expansion outside its home city.
MGM has bought the Visakhapatnam hospital through participation in the Corporate Insolvency Resolution Process (CIRP) of SevenHills Healthcare Private Ltd, according to a company statement.
Founded in 1988, SevenHills Hospital is one of the oldest multi-speciality hospitals in Visakhapatnam. It entered CIRP proceedings in March 2018, initiated by Axis Bank under the Insolvency and Bankruptcy Code (IBC), and was overseen by the National Company Law Tribunal’s (NCLT) Amaravati bench in Hyderabad. In addition to its Visakhapatnam location, SevenHills also operates a 1,500-bed hospital in Mumbai.
“By joining forces with SevenHills, a respected institution with a deep-rooted legacy in Visakhapatnam, we’re poised to serve patients in Vizag and from the neighbouring states of Telangana, Odisha, and Chhattisgarh,” said Dr Prashanth Rajagopalan, Director, MGM Healthcare.
SevenHills has a team of 100+ doctors and more than 700 staff. It offers preventive and curative care across all major specialities, including cardiac care, emergency and critical care, medical and gastroenterology, nephrology, urology, cosmetic care, neurology, and neuro-surgery and organ transplantation.
The hospital has an in-house nursing college and training facility accredited by the Andhra Pradesh government and accredited by the National Board of Examinations to conduct a Diplomate in National Board Programmes in Anaesthesiology and General Surgery.
As a tertiary care facility, SevenHills provides care for more than 100,000 patients annually, and holds accreditations from both NABH and NABL. The hospital reported revenues of over ₹100 crore in FY24.
With this acquisition, MGM Healthcare Group has achieved a landmark of 1000+ beds in five years since the first hospital was launched.
The acquisition was completed with the assistance of the Resolution Professional, and Ernst & Young acted as the advisory partner.