Private equity firm Abraaj Group is all set to acquire majority stake in India-based hospital chain CARE India, part of the Quality CARE India Ltd, from global Private Equity firm Advent International.
The Dubai-based group has agreed to acquire, through one of its funds, a majority stake in Quality CARE India Ltd, one of the largest multi-specialty healthcare providers in India, from global private equity firm Advent International, Abraaj Group said in a statement.
The company CARE is the fifth-largest healthcare provider in India. Based out of Hyderabad, the company currently operates 2,600 beds across 16 hospitals in nine cities, it added.
Abraaj and CARE's management team will focus on expanding CARE's healthcare delivery system, especially in the under-penetrated regions of India. The partnership will also bring CARE's high-quality and proven delivery platform to markets where Abraaj operates, the statement said.
"The implications of the healthcare gap in India are profound, but they translate into a long-term opportunity for Abraaj to help build a better and more sustainable healthcare infrastructure in the country," said Sev Vettivetpillai, Thematic Funds Business Partner and Global Head for Abraaj.
The Abraaj Group has a strong track record of investing in healthcare, having deployed nearly US$1 billion globally in 27 investments across the healthcare spectrum in growth markets.
"We are confident that Abraaj, with its track record, healthcare expertise and strong relationships with leading strategic partners and development finance institutions, will enhance our service offerings," said CARE founder B Soma Raju.