Latest News | KKR to Acquire Controlling Stake in Baby Memorial Hospital for Rs 2k Cr
Get latest articles and stories on Latest News at LatestLY. Global private equity major KKR on Monday announced that it will acquire a controlling stake in Kerala-based Baby Memorial Hospital.
Mumbai, Jul 1 (PTI) Global private equity major KKR on Monday announced that it will acquire a controlling stake in Kerala-based Baby Memorial Hospital.
According to sources, the US-headquartered PE company is set to pick up a 70 per cent stake in the hospital chain for around Rs 2,000 crore.
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Definitive agreements have been signed, in which funds managed by KKR will acquire a controlling stake in BMH, a chain founded in 1987 by KG Alexander. It has grown into a leading multi-speciality hospital chain in Kerala, with a capacity of 1,000 beds across hospitals in Calicut and Kannur, as per an official statement.
The company has also planned for expansion across the region, it said, hinting that the future plans also include acquisitions.
"KKR's investment will support BMH's efforts to address the growing need for quality, accessible healthcare services in India by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies," it said.
The chain provides services across 40 medical and surgical departments, including cardiology, oncology, neurology, gastroenterology, pediatric and orthopaedic care, the statement added.
KKR's head of private equity for India Akshay Tanna said it has a focus on the healthcare segment in India, and the investment will see BMH expand its network of hospitals.
"We look forward to drawing from KKR's network and deep healthcare expertise to take BMH to its next phase of growth and deliver greater impact to its communities," Tanna added.
The hospital chain's founder and chairman KG Alexander said it is pleased to tap into global and local experience in the healthcare sector, which will enable it to accelerate growth and expand services across India.
The investment will be made by KKR from its Asian Fund IV, the statement said, adding KKR's past bets in the space include Max Healthcare, branded formulations pharmaceutical company J B Pharma, and pure-play generic injectable pharmaceutical products company Gland Pharma.
KKR, which has been investing in India since 2006, has deployed over USD 12 billion across 38 investments in the country.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)