Historical Background
Established on July 19, 2000, by Dr. Devi Prasad Shetty, Narayana Hrudayalaya Limited stands as the flagship entity of the Narayana Hrudayalaya group. With a robust network spanning 23 multi-speciality and super-speciality hospitals, as well as 7 heart centres across 18 locations in India and a multi-speciality hospital in the Cayman Islands, the organization has solidified its presence.
During the financial year ending on March 31, 2016, the company completed the full acquisition of Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) from Infrastructure Development Corporation (Karnataka) Limited (IDECK), securing the remaining 26% stake for ₹3,025.60 lakh.
In the same period, the company ventured into international expansion, collaborating with Kenyan doctors and global financial institutions to establish a multi-specialty hospital in Nairobi, Kenya. Initially holding a 26% equity stake amounting to $1.325 million in this venture marked a significant milestone.
Furthermore, Asia Healthcare Development Limited (AHDL), a wholly-owned subsidiary engaged in hospital operations and related activities, was divested in November 2016 to Lila Hospitals Private Limited for ₹38.34 lakh. The company's initial public offering (IPO) in December 2015 resulted in the sale of 2.45 crore equity shares by promoters and other shareholders, including JP Morgan Mauritius Holdings, Ambadevi Mauritius Holdings, and Ashoka Investment Holdings. These shares were listed on the BSE Limited and National Stock Exchange of India Limited on January 6, 2016.
In 2017, the company inaugurated a 30-bed platinum wing at Mazumdar Shaw Medical Centre in Bengaluru and forged a partnership with Cisco to enhance remote diagnostic capabilities. Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) also inked an agreement to manage a hospital in New Delhi.
Further expansion in the financial year ending March 31, 2018, included the launch of SRCC Children’s Hospital in Mumbai and the acquisition of a hospital in Gurugram. The merger of NewRise Healthcare Private Limited with Narayana Hrudayalaya and the consolidation of Narayana Cayman Holdings Ltd. with Health City Cayman Islands Ltd. were pivotal developments during this period.
In 2023, Health City Cayman Islands Ltd. (HCCI) acquired ENT in Cayman Ltd., establishing it as a wholly-owned subsidiary. Additionally, the company acquired an Orthopaedic and Trauma Hospital from Shiva and Shiva Orthopaedic Hospital Private Limited. It expanded its services across various specialties, including the milestone achievement of the first-ever cadaveric liver and kidney transplant at DNSH Delhi and the commissioning of a new LINAC machine in Jaipur.
Business Segments
As of March 31, 2023, headquartered in Bengaluru, India, Narayana Health operates within a single business segment: healthcare. The organization manages 21 hospitals, including one in the Cayman Islands, and 6 heart centres, with over 5,859 operational beds. Offering affordable, high-quality healthcare across more than 30 specialties, such as Cardiology, Cancer Care, Neurology, Orthopaedics, Nephrology, Urology, and Gastroenterology.
Subsidiaries of Narayana Hrudalaya
As of March 31, 2023, the company possesses 14 subsidiaries and 2 associate companies. Notable among them:
- Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL): A wholly-owned subsidiary operating a multi-specialty hospital in Mysore and the Dharamshila Narayana Superspecialty Hospital in Delhi, providing services in cardiology, neurology, orthopaedics, and oncology.
- Meridian Medical Research & Hospital Ltd. (MMRHL): Another subsidiary managing two hospitals in Howrah, delivering multi and super-speciality healthcare services, including nephrology, neurology, and neurosurgery.
- Narayana Vaishno Devi Specialty Hospitals Private Limited (NVDSHPL): A wholly-owned subsidiary operating a hospital in Kakryal, Jammu, offering services across over 20 specialties like radiology, obstetrics & gynaecology, and oncology.
Key Personnel
Dr. Devi Prasad Shetty, Chairman and Founder
Dr. Shetty, a distinguished professor at Rajiv Gandhi University and University of Minnesota Medical School, has been honored with prestigious awards such as the ‘Padma Shri’ (2003), ‘Padma Bhushan’ (2012), and ‘Rajyotsava Award’ (2002). Additionally, he has received the ‘Dr. B C Roy National Award’ (2003), ‘Entrepreneur of the Year’ by Ernst & Young, and the ‘Sir M. Visveswaraya Memorial Award’. He is also a member of the European Association for Cardio-Thoracic Surgery and has made significant contributions to medical sciences.
Management Outlook
A NITI Aayog report highlights that 70% of India’s population is covered by health insurance, leaving a significant "missing middle" of 30% uninsured. Addressing this market requires innovative, affordable insurance products and integrated healthcare services. The budget for healthcare includes initiatives such as establishing 157 nursing colleges, opening ICMR labs to manufacturers and corporations, and introducing comprehensive medical device courses, which are expected to benefit med-tech startups and hospitals alike.
Established on July 19, 2000, by Dr. Devi Prasad Shetty, Narayana Hrudayalaya Limited stands as the flagship entity of the Narayana Hrudayalaya group. With a robust network spanning 23 multi-speciality and super-speciality hospitals, as well as 7 heart centres across 18 locations in India and a multi-speciality hospital in the Cayman Islands, the organization has solidified its presence.
During the financial year ending on March 31, 2016, the company completed the full acquisition of Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) from Infrastructure Development Corporation (Karnataka) Limited (IDECK), securing the remaining 26% stake for ₹3,025.60 lakh.
In the same period, the company ventured into international expansion, collaborating with Kenyan doctors and global financial institutions to establish a multi-specialty hospital in Nairobi, Kenya. Initially holding a 26% equity stake amounting to $1.325 million in this venture marked a significant milestone.
Furthermore, Asia Healthcare Development Limited (AHDL), a wholly-owned subsidiary engaged in hospital operations and related activities, was divested in November 2016 to Lila Hospitals Private Limited for ₹38.34 lakh. The company's initial public offering (IPO) in December 2015 resulted in the sale of 2.45 crore equity shares by promoters and other shareholders, including JP Morgan Mauritius Holdings, Ambadevi Mauritius Holdings, and Ashoka Investment Holdings. These shares were listed on the BSE Limited and National Stock Exchange of India Limited on January 6, 2016.
In 2017, the company inaugurated a 30-bed platinum wing at Mazumdar Shaw Medical Centre in Bengaluru and forged a partnership with Cisco to enhance remote diagnostic capabilities. Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) also inked an agreement to manage a hospital in New Delhi.
Further expansion in the financial year ending March 31, 2018, included the launch of SRCC Children’s Hospital in Mumbai and the acquisition of a hospital in Gurugram. The merger of NewRise Healthcare Private Limited with Narayana Hrudayalaya and the consolidation of Narayana Cayman Holdings Ltd. with Health City Cayman Islands Ltd. were pivotal developments during this period.
In 2023, Health City Cayman Islands Ltd. (HCCI) acquired ENT in Cayman Ltd., establishing it as a wholly-owned subsidiary. Additionally, the company acquired an Orthopaedic and Trauma Hospital from Shiva and Shiva Orthopaedic Hospital Private Limited. It expanded its services across various specialties, including the milestone achievement of the first-ever cadaveric liver and kidney transplant at DNSH Delhi and the commissioning of a new LINAC machine in Jaipur.
Business Segments
As of March 31, 2023, headquartered in Bengaluru, India, Narayana Health operates within a single business segment: healthcare. The organization manages 21 hospitals, including one in the Cayman Islands, and 6 heart centres, with over 5,859 operational beds. Offering affordable, high-quality healthcare across more than 30 specialties, such as Cardiology, Cancer Care, Neurology, Orthopaedics, Nephrology, Urology, and Gastroenterology.
Subsidiaries of Narayana Hrudalaya
As of March 31, 2023, the company possesses 14 subsidiaries and 2 associate companies. Notable among them:
- Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL): A wholly-owned subsidiary operating a multi-specialty hospital in Mysore and the Dharamshila Narayana Superspecialty Hospital in Delhi, providing services in cardiology, neurology, orthopaedics, and oncology.
- Meridian Medical Research & Hospital Ltd. (MMRHL): Another subsidiary managing two hospitals in Howrah, delivering multi and super-speciality healthcare services, including nephrology, neurology, and neurosurgery.
- Narayana Vaishno Devi Specialty Hospitals Private Limited (NVDSHPL): A wholly-owned subsidiary operating a hospital in Kakryal, Jammu, offering services across over 20 specialties like radiology, obstetrics & gynaecology, and oncology.
Key Personnel
Dr. Devi Prasad Shetty, Chairman and Founder
Dr. Shetty, a distinguished professor at Rajiv Gandhi University and University of Minnesota Medical School, has been honored with prestigious awards such as the ‘Padma Shri’ (2003), ‘Padma Bhushan’ (2012), and ‘Rajyotsava Award’ (2002). Additionally, he has received the ‘Dr. B C Roy National Award’ (2003), ‘Entrepreneur of the Year’ by Ernst & Young, and the ‘Sir M. Visveswaraya Memorial Award’. He is also a member of the European Association for Cardio-Thoracic Surgery and has made significant contributions to medical sciences.
Management Outlook
A NITI Aayog report highlights that 70% of India’s population is covered by health insurance, leaving a significant "missing middle" of 30% uninsured. Addressing this market requires innovative, affordable insurance products and integrated healthcare services. The budget for healthcare includes initiatives such as establishing 157 nursing colleges, opening ICMR labs to manufacturers and corporations, and introducing comprehensive medical device courses, which are expected to benefit med-tech startups and hospitals alike.
