Blackstone enters Indian healthcare providers with Care Hospitals purchase

BENGALURU, Oct 30 (Reuters) – Blackstone (BX.N) stated on Monday it’s going to purchase a majority stake in India’s Care Hospitals from a fund belonging to asset administration agency TPG, marking the U.S.-based personal fairness agency’s entry into the nation’s healthcare providers sector.

Blackstone will commit $1 billion within the hospital chain in India and maintain over 75% in Care Hospitals, a supply with direct data of the matter stated. They didn’t wish to be named because the deal particulars are personal.

The deal comes as a post-pandemic growth in demand for personal healthcare in India has made the sector enticing, with international traders in search of an entry into healthcare chains within the nation.

“Life sciences is a key funding theme for Blackstone and we plan to herald our international scale and working experience,” stated Ganesh Mani, managing director at Blackstone Personal Fairness.

In a separate deal, Care Hospitals will purchase a majority stake in KIMSHEALTH, which operates beneath Kims Healthcare Administration, to kind one in every of India’s largest hospital platforms with 23 services and greater than 4,000 beds throughout 11 Indian cities.

The worth of each the offers is between $1.3 billion and $1.5 billion, the supply added. The businesses didn’t disclose monetary phrases of the deal.

TPG, which has a stake in Care Hospitals via its Evercare Well being Fund, will retain a major minority stake within the mixed platform, the assertion stated.

Blackstone and Care didn’t instantly reply to Reuters’ queries in search of monetary particulars.

Hong Kong-based funding agency BPEA EQT, Baring Personal Fairness Asia, will purchase a 60% stake in Indian fertility providers supplier Indira IVF for 54 billion indian rupees ($648.63 million), Reuters had reported in July, citing a supply.

($1 = 83.2525 Indian rupees)

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Sriram leads Reuters’ offers protection in India, together with reporting and writing on personal fairness funds, IPOs, enterprise capital, company M&A and regulatory modifications. His reportage contains scoops on giant transactions in addition to deeper analyses and insightful tales on the interior workings of corporations, funds and business developments that fly under the radar. He’s a enterprise journalist for 5 years by coaching, with a postgraduation from the Asian Faculty of Journalism’s Bloomberg program in monetary journalism. He graduated from the course’s inaugural batch. Contact: +919632913911