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Park Medi World to Acquire Hospital in Uttarakhand, India; Shares Up 3%

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Park Medi World (NSE:PARKHOSPS, BOM:544645) has agreed to acquire hospital operator V3 Healthcare for 1.77 billion Indian rupees, according to a Monday filing to the Indian stock exchanges.

V3 Healthcare operates the 330-bed multi-super speciality hospital, The Medicity Hospital, at Rudrapur in Uttarakhand, India.

Under the pact, the company will acquire 80% of the shareholding in V3 Healthcare by Aug. 31, and the remaining 20% will be acquired after March 31, 2030.

The acquisition marks Park Group's entry into the Indian state of Uttarakhand and expands its presence to the sixth state.

The company's shares were up over 3% in recent trade.

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