Adani Group enters healthcare, incorporates wholly-owned subsidiary

Representative image

Adani Group has announced its entry into the healthcare sector, stating that it has incorporated a wholly owned subsidiary for healthcare-related services.

The subsidiary, Adani Health Ventures Limited (AHVL), will carry out the business of healthcare-related activities including the setting up of medical and diagnostic facilities, an exchange filing said.

"Adani Enterprises Limited has incorporated a WOS namely, Adani Health Ventures Limited, on 17th May 2022, with an initial authorized and paid-up share capital of Rs 1,00,000/- each to carry on the business of healthcare related activities including, inter alia, setting up, running, administrating medical and diagnostic facilities, health aids, health tech based facilities, research centers and to do all other allied and incidental activities in this regard," an exchange filing noted.

AHVL will commence its business operations "in due course", it further stated.

The disclosure comes a couple of days after Adani Group announced the acquisition of Holcim’s assets -- Ambuja Cement, and ACC -- making the Gautam Adani-led conglomerate the second largest player in the cement sector.

With over 30 acquisitions since 2014 in different verticals and businesses, Adani Group has grown at a scorching pace, and is currently a dominant player in several sectors such as ports, airports, power and others.

The healthcare sector, which is the latest to come under Adani's target, is expected to grow exponentially in India. The industry has been growing at a compound annual growth rate (CAGR) of around 22 per cent since 2016, according to a recent report released by the Niti Aayog, the Centre's topmost think-tank. At this rate, it is expected to reach USD 372 billion in 2022, the report had said.