Daijiworld Media Network - Mumbai (MS)
Mumbai, Oct 18: NMC Healthcare, largest private healthcare company in the United Arab Emirtaes (UAE), owned by Abu Dhabi-based NRI Billionaire Dr B R Shetty has won the sale bid of the ailing SevenHills Hospital in Marol as it was the sole bidder. The exact amount of the bidding is not known as both the parties are not willing to disclose the same.
Dr B R Shetty is a well-known businessman. He went to UAE in 1973. He has been conferred with Padmashree award in 2009 in recognition of his achievement in the field of trade and industry. Dr Shetty is also the recipient of the 'Order of Abu Dhabi', the highest civilian honour given by the Abu Dhabi government in 2005.
Dr B R Shetty
SevenHills Hospital
Once known as the city's first seven star health facility, the 1,000-bed Marol hospital, was declared bankrupt by the Hyderabad Bench of the National Company Law Tribunal after it defaulted on bank loans worth Rs 1,300 crore. The hospital chain went under the hammer this year after lenders initiated insolvency proceedings.
According to sources, Reliance Foundation, headed by Nita Ambani was also among the 15 entities that showed interest in buying the sick hospital. They had predicted the base price would be around Rs 2,100 crore. In addition to being the sole bidder, BRS group was also the lowest bidder.
The Hyderabad bench of the NCLT had given time till December 2018 for the SevenHills authorities to complete the corporate insolvency resolution process. As per the authorities of the hospital, this period of three months will allow the tribunal appointed resolution official to negotiate a higher sale price and also look for other prospective buyers.
The deal according to reliable sources is almost done as a team from Dr B R Shetty's NMC Healthcare is in constant touch with medical equipment suppliers and doctos to assess the pending dues of the organization. It is learnt that B R Shetty is planning to reopen the hospital in 2019.
According to BMC officials, SevenHills hospital has a due of Rs 2100 crores to the banks, hospital employees and vendors. However, the spokesperson of NMC Healthcare denied making any statement and said in a email that “The deal is still under process with the NCLT and, therefore, it will not be appropriate for us to comment on the matter."