In a significant move to expand its footprint in the mental health and neuro care segment, Artemis Hospitals has announced that its Board of Directors has approved the signing of a binding Memorandum of Understanding (MoU) with Dr. Vidya Sagar Kaushalya Devi Memorial Health Centre (“the Society”). The agreement sets the stage for Artemis to gain exclusive operational rights at the Vidyasagar Institute of Mental Health and Neuro & Allied Sciences (VIMHANS), a reputed hospital located in Nehru Nagar, New Delhi.
As per the MoU, once the Society fulfills certain specified conditions, Artemis Hospitals and the Society will execute a definitive Medical Services Agreement (MSA). This MSA will grant Artemis exclusive rights to operate, manage, and provide medical services at VIMHANS.
Artemis is expected to invest between ₹550 crore and ₹600 crore over the next 2 to 3 years as part of the project. The investment will be financed through a mix of internal accruals and debt.
Key Highlights of the Agreement:
- Partner Entity: Vidya Sagar Kaushalya Devi Memorial Health Centre (the Society)
- Purpose: Exclusive operational rights at VIMHANS hospital
- Investment Size: ₹550 – ₹600 crore
- Advance Payment: ₹50 crore to be paid upon signing of the MoU
- Location: Vidyasagar Institute of Mental Health and Neuro & Allied Sciences (VIMHANS), Nehru Nagar, New Delhi
No equity issuance or board-level nominations are currently involved in the transaction, and there are no conflicts of interest reported. The MSA will only be executed upon the Society meeting the conditions outlined in the MoU.
This partnership marks a major strategic initiative by Artemis Hospitals to enter and lead in the specialized area of mental health and neurological care, further strengthening its presence in the Indian healthcare landscape.