Bajaj Finserv Health today acquired 100 per cent stake in Vidal Healthcare Services. The acquisition expands Bajaj Finserv’s capabilities in the healthcare space, empowering it to service consumer needs for hospitalisation. It further enables Bajaj Finserv Health to offer OPD, wellness, as well as hospitalisation benefits to customers, thereby providing continuum of care, a statement from Bajaj Finserv Health notified.
According to the statement, the acquisition also helps Bajaj Finserv Health play a pivotal role in various healthcare initiatives of the government and the insurance regulator.
Devang Mody, Chief Executive Officer (CEO) and Wholetime Director, Bajaj Finserv Health, said in the statement, “Vidal Health brings deep domain knowledge and vast experience in healthcare administration in India. This, combined with Bajaj Finserv Health’s superior digital experience and data management prowess, enables the company to lead healthcare transformation that is underway in India. The acquisition also underlines our commitment to provide access to the best-in-class medical care, thereby improving health outcomes.”
In order to ensure continuity of service for the existing clients of VHC TPA, the present core management team will also continue, added the statement.
Girish Rao, Chairman and Managing Director (CMD), Vidal Health, also said in the statement, “As health-tech changes the dynamics of healthcare administration in India, we are excited to be part of Bajaj Finserv as it enables us to bolster our technology capabilities and fuel quality-focussed expansion. This transaction underscores our commitment to stay at the forefront of the industry in providing innovative and flexible solutions to our customers. We look forward to this new chapter and the opportunities this transaction brings for both organisations and their people.”
The acquisition is made at an Enterprise Value of Rs 325 crore, and is expected to close in the fourth quarter of FY 2023-24, subject to satisfactory completion of condition precedents and regulatory approvals as applicable. Upon completion of the acquisition, VHC and its subsidiaries shall become wholly owned subsidiaries of Bajaj Finserv, the statement concluded.
