Jupiter Hospital Joins Reliance-Backed Firm in Bidding War for Mumbai’s SevenHills Healthcare Relicance-backed-jupiter-hospital.jpg

Unlisted SevenHills Healthcare, which operates a large hospital in Mumbai, has again become the focus of acquisition interest as two bidders move forward with competing resolution plans, as per The Economic Times report.  

A Reliance Industries-backed entity and Jupiter Hospital have each proposed offers of about ₹450 crore, with creditors currently reviewing the bids under an insolvency process that has remained unresolved for several years. 

Competing Bids and Payment Structures 

As per news reports, NK Holdings, backed by Reliance Industries, and Jupiter Hospital are both in the fray to acquire SevenHills Healthcare. While the headline bid value is similar at around ₹450 crore, the payment terms differ significantly.  

Jupiter Hospital has proposed an upfront payment of ₹450 crore within 30 days of approval by the bankruptcy court. In contrast, NK Holdings has offered the same amount to be paid over a 5-year period. 

Creditors are continuing their assessment of both plans for the 1,500-bed Mumbai hospital, which has been under insolvency proceedings since its admission to the National Company Law Tribunal in March 2018. 

Background Of the Insolvency and Earlier Attempts 

SevenHills Healthcare earlier owned 2 hospitals, one in Mumbai and another in Visakhapatnam.  

To overcome delays linked to disputes between lenders and the Municipal Corporation of Greater Mumbai, as well as complications during the Covid-19 period when the Mumbai facility was designated a Covid hospital, the bankruptcy court allowed the assets to be sold separately.  

In July 2024, the National Company Law Tribunal approved a plan by MGM Healthcare to acquire the Visakhapatnam hospital for ₹171 crore. 

The Mumbai hospital stands on land owned by the Municipal Corporation of Greater Mumbai, which has submitted an unpaid rent claim of ₹140.8 crore.  

Read More: Reliance Consumer Products Strengthens Portfolio with Acquisition of ‘Udhaiyam’! 

Conclusion 

With 2 equally valued but structurally different bids on the table, the proposed acquisition of SevenHills Healthcare marks a critical juncture in a prolonged insolvency case. The balance between upfront certainty and deferred payments, along with the treatment of unresolved claims, will determine whether the stalled process moves towards closure. 

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