"The new entity will be a platform benefiting all, from the communities we serve, to our capable employees and our investors. We have an excellent opportunity to utilise this strength to expand coverage and service delivery, in response to the growing demand for world-class healthcare," Pai said.
He added that the integration also offers an opportunity to leverage IT systems, optimise operating costs, generate higher scalar economies in procurement and a large footprint to serve a range of customers.
The combined entity will generate ample career opportunities for staff. Both organisations have strong cultures and best employee practices, and the combined entity will work towards imbibing these and building a world-class organisation, Pai said.
"Our clinical teams would have a much larger platform to extend patient care and could leverage infrastructure and technology across the integrated network. It also opens up vistas for collaboration and research, in addition to further growing the academic programmes that we have in our hospitals," said Pai.
"I see great opportunities ahead for our company, our staff and our clinical teams. As we embark on this exciting journey, I look forward to your continued support," he added.
Ranjan Pai and TPG Capital have decided to infuse Rs 39 billion into the venture. In addition, Manipal Hospitals would acquire a majority stake in SRL, India’s largest chain of diagnostic labs.
Subject to regulatory approvals, these acquisitions are expected to be completed by early 2019, consequent to which, Manipal Hospitals will become a publicly listed company.
Once this process is complete, the Manipal–Fortis combine will be the largest healthcare network in India with over 10,000 beds, 5,500 doctors and 25,000 employees. Apollo has a bed capacity of 9,948 across 71 hospitals, which includes owned hospitals (43), JVs/subsidiaries and associates.