Care Hospitals Group considering more acquisitions in Eastern India
Care Hospitals Group is considering more acquisitions, as it looks to become the third largest hospital chain in India.
The Hyderabad-based chain will have 5,000 beds after it completes the acquisition of Thiruvananthapuram-based KIMS Health. It is currently one of the top 5 hospitals in India in terms of bed capacity.
«Currently we (Care Hospitals) are about 3,000-plus beds, KIMS has about 2,000 odd beds, so it will be a 5,000 beds entity,» Care Hospitals Group chief executive Jasdeep Singh said in an interview to ET.
«There are a couple of more hospitals that we are looking to bring into the platform that will give us 600-700 beds more.» The hospitals that the group is looking to acquire are from eastern India, Singh said, without giving other details.
Last October, Blackstone acquired a majority stake in Care Hospitals from Evercare, a platform of TPG RISE funds. Care Hospitals in turn has signed an agreement to acquire a majority stake in KIMS Health.
ET reported that Blackstone had paid $1 billion for the two transactions. TPG retains a significant minority stake in the combined platform.
Care Hospitals largely operates in tier-2 cities and has been scaling up through organic growth and acquisitions.
