India-based Care Hospitals, backed by personal fairness agency TPG, has introduced the acquisition of a majority stake in United CIIGMA Hospitals.
The transaction is valued at $37.81m (Rs3bn) to $50.41m (Rs4bn).
United CIIGMA runs a 300-bed multi-speciality tertiary care hospital in Aurangabad, a metropolis within the Indian state of Maharashtra.
The hospital specialises in oncology, gastroenterology in addition to cardiology. This aside, it additionally affords robotic surgical procedures.
The most recent acquisition has enabled Care Hospitals to increase within the Maharashtra state. It should now have its presence in three cities of the state.
Care was launched as a single speciality cardiac hospital in 1997 in Hyderabad.
At current, the multi-speciality hospital community operates 17 healthcare amenities in eight cities and 6 states in India with as many as 2,700 beds.
The hospital community affords 30 scientific specialities in tier 2 cities.
Care Hospitals chairman Vishal Bali was quoted by media sources as saying: “The fast-growing tier 2 cities within the nation have a present demand-supply hole of fifty,000 beds which is prone to increase to 110,000 beds within the subsequent 5 years.
“These cities characterize the subsequent section of progress as customers aspire for higher healthcare providers and Care Hospitals could be very effectively positioned to consolidate and develop in these cities with its classic and scientific acumen.
“Creating the fitting partnerships with main suppliers in these areas and constructing scale of their ecosystems by including scientific specialities and mattress capability is a precedence for the group.”
Earlier this month, Care Hospitals acquired CHL Hospitals.