FMCG major Emami Group said on Monday it expects to buy the stake held by Shrachi Group in AMRI Hospitals in a month’s time.
Shrachi now holds over 32% in the hospital chain while Emami has 66% shares. And the West Bengal government holds 1.9% in the hospital.
“It (buying out of Shrachi’s stake) should happen within a month,” Emami group joint chairman RS Agarwal said during an interactive session organised by MCC Chamber of Commerce and Industry.
Agarwal said the SK Todi-led Shrachi group wanted to sell its stake in AMRI because of the huge losses the two groups had suffered after the December 2011 devastating fire at the Dhakuria unit, in which 91 people had died.
Reportedly, E&Y has already been appointed as a consultant to evaluate the assets and liabilities of Shrachi.
Agarwal said it would take another two-three years for the hospital business to turnaround. SK Todi’s son, Ravi Todi, is expected step down from the board of directors of AMRI once the deal is formalised.
The licence of the hospital was cancelled a couple of days after the fire in 2011. The state government reportedly issued the fire department’s no-objection certificate earlier this month for the reopening of the indoor facilities in parts of AMRI’s Dhakuria unit.