Mumbai: Max Healthcare Institute Ltd.’s board has approved a strategic partnership with the Lakshdeep Group, promoters of Jaypee Healthcare Ltd. (JHL), by facilitating the repayment of JHL’s financial debts, media reports said.

Under this development, Max Healthcare has acquired a 64% stake in the company, reported NDTV profit.

The company also retains the option to buy the remaining shares in JHL, which is currently undergoing the corporate insolvency resolution process, as per an exchange filing.

The acquisition, valued at Rs 1,660 crore, will expand Max Healthcare’s network and strengthen its leadership in the NCR region, according to the report.

This collaboration and acquisition will give Max Healthcare a controlling stake in Jaypee Healthcare, including its key 500-bed Jaypee Hospital in Noida.

JHL's assets consist of two operational hospitals—the 500-bed facility in Noida and a 200-bed hospital in Bulandshahr—along with a non-operational 100-bed hospital in Anoopshahar.

In FY 2023-24, JHL reported revenues of Rs 421 crore and an EBITDA of Rs 70 crore, the report said.