Radiant Life Care, leading Indian hospital managementcompany promoted by Abhay Soi and backed by KKR, has completed the previously announced acquisition of a 49.7%stake in Max Healthcare Institute from South Africa-based hospital operator Life Healthcare. Abhay Soi will now lead Max Healthcare as Chairman of its Board and Executive Council.
Radiant's stake acquisition is one of several steps that will eventually result in Soi and KKR together acquiring acontrolling stake in Max Healthcare by combining the health care assets of Max Healthcare, Max India and Radiant to create the largest hospital network in North India.
As part of the transaction, Max India's promoters have received an advance of Rs 361 crore (US$52.2 million) fromKKR in exchange for a 4.99% stake in the merged entity. Max India's promoters have used the funds for deleveragingpurposes.