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HomeBanking & FinanceAbraaj buys Indian hospital chain

Abraaj buys Indian hospital chain

|By Arabian Post Staff| Dubai-headquartered private equity investment group Abraaj announced another investment in India to buy a majority stake in Quality CARE India Ltd, which runs CARE Hospitals from global PE firm Advent International.

CARE, which operates a multi-specialty chain of 16 hospitals across nine cities, plans to expand in “underpenetrated” regions of India, as well as enter other markets where Abraaj operates, the Dubai firm said in a statement.

Abraaj tied up with India’s Aditya Birla Group in October to invest jointly in building and operating new solar power plants in the country.

CARE hospitals serve 9 cities across 7 states of India. The regional leader in tertiary care in South/Central India and among the top 4 pan-Indian hospital chains delivers comprehensive care in more than 30 specialties in tertiary care settings.

Founded in 1997 by Dr B Soma Raju and a team of India’s leading cardiologists, the CARE Hospitals’ founders developed Asia’s first indigenous coronary stent — the ‘Kalam-Raju stent,’ named after Dr APJ Abdul Kalam, former President of India, and Dr B Soma Raju, Chairman and Managing Director, CARE Hospitals Group.