Narayana Hrudayalaya (NH), a leading healthcare services provider in India, has entered into a definitive agreement to acquire 100% stake in NewRise Healthcare Private from Panacea Biotec to announce its first hospital in Gurugram.

This transaction is intended to consolidate NH's footprint in the Northern cluster and therefore serve the region's fast expanding healthcare space. With a flexible business model, NH aims to fast-track its penetration and emerge as a prominent healthcare services provider in the growing NCR market.

This multi-speciality hospital is in final stages of completion and is expected to be commissioned within the next 9 months. Located in South-Western part of NCR, it complements group's East Delhi based Dharamshila Narayana Superspeciality Hospital which is presently an oncology focused unit and will be upgraded to a multispeciality tertiary care unit. This will help create a strong regional network and drive operational synergies.

These recently consummated transactions by NH also emphasize the group's intention to create a meaningful Pan-India presence. These new initiatives will enable NH to replicate its established business model to newer regions while providing quality and affordable healthcare services.

Ashutosh Raghuvanshi, Vice Chairman, Managing Director and Group CEO, Narayana Hrudayalaya, said ''This development is a step forward in the direction towards reinforcing the newly formed Northern cluster. It also echoes our group's commitment towards developing this region as vibrant as the existing Karnataka and Eastern clusters. We believe our recent ventures in NCR will help us target this key geography more efficiently while accelerating our trajectory to become a true Pan-India healthcare service provider.''

Shares of the company declined Rs 1.55, or 0.11%, to trade at Rs 316.80. The total volume of shares traded was 766 at the BSE (2.59 p.m., Friday).