Khaitan assists IHH exit Apollo Hospitals JV

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Khaitan & Co advised Gleneagles Development, a subsidiary of Malaysia’s IHH Healthcare, when it recently exited its joint venture with Apollo Hospitals Enterprises (AHEL) in Apollo Gleneagles Hospitals in Kolkata.

AHEL was advised by Shardul Amarchand Mangaldas & Co. The agreement for Gleneagles Development’s ₹4.1 billion (US$55.3 million) divestment of its 50% stake in Apollo Gleneagles Hospitals to AHEL was signed on 11 November. The deal closed on 22 April.

Khaitan & Co’s team was led by partner Anand Mehta, principal associate Vidur Sinha and senior associate Bhavya Bhankharia. Partner Anisha Chand and senior associate Soham Banerjee assisted with competition analysis.

Having become a subsidiary of AHEL, Apollo Gleneagles Hospitals is to be renamed and will become the wholly owned subsidiary of AHEL.

IHH Healthcare had said the divestment was on account of its “strategic intent of strengthening its existing healthcare operations across India”.