General Atlantic buys hospital chain Ujala Cygnus
General Atlantic, the US based private equity major has acquired Ujala Cygnus, a leading hospital chain in Northern India with a network of 21 hospitals serving Tier-II and Tier-III cities, said a press statement.
Though the financial details are not disclosed, the deal has valued the chain at Rs1600 crore, according to sources.
General Atlantic is set to acquire about 70% stake in Ujala Cygnus Healthcare Services, valuing the chain at about Rs1600 crore, ET reported in December 2023.
GA will acquire about 51% stake held by existing investors. Besides the secondary transaction, GA will also acquire a small minority stake from the promoters along with a primary stake, ET reported.
The company’s early investors, Eight Roads Ventures, Somerset Indus Capital, and Evolvence Capital, made a full exit, stated the release.
Ujala Cygnus plans to use the investment from General Atlantic to upgrade clinical and civil infrastructure across the Ujala Cygnus network and to augment comprehensive care, it said.
Since 2018, Ujala Cygnus has expanded its hospital network from nine to 21 facilities across 17 cities in five states, increasing bed capacity from 1,000 to over 2,500 beds.
«With a commitment to further extend its impact in underserved markets, Ujala Cygnus aims to pursue both organic and inorganic growth strategies, including collaborations with local hospitals through leasing and revenue-sharing models,» said
Probal Ghosal, Chairman and Director at Ujala Cygnus, underscores Ujala Cygnus
Shantanu Rastogi, Managing
