Global investment firm, KKR & Co on July 1 said that it has acquired controlling stake in Kerala's Baby Memorial Hospital (BMH).
KKR’s investment will support BMH’s efforts to address the growing need for quality, accessible healthcare services in India by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies, the company said in a statement.
The investment amount and additional details were not disclosed by the company. However, Economic Times, citing sources, reported that KKR will acquire around 70 percent controlling stake in Kerala's Baby Memorial Hospital (BMH) with an investment worth $300 million (Rs2500 crore).
Baby Memorial Hospital, founded in 1987 by Dr. K G Alexander, is multi-specialty hospital chains in Kerala, with a capacity of 1,000 beds across hospitals in Calicut and Kannur.
BMH provides services with specialized treatment across 40 medical and surgical departments including cardiology, oncology, neurology, gastroenterology, pediatric and orthopedic care.
Akshay Tanna, Partner and Head of India Private Equity, KKR, said, “Our investment in BMH reflects our continued thematic focus on healthcare in India. We are pleased to be strategic partners with Dr. K G Alexander and family through this investment, which will aid BMH in expanding its network of hospitals and continuing to invest in medical infrastructure so that its medical services can reach more patients in India. We look forward to drawing from KKR’s network and deep healthcare expertise to take BMH to its next phase of growth and deliver greater impact to its communities.”
Dr. K G Alexander, Founder and Chairman of Baby Memorial Hospital, said, “KKR's investment in BMH is a testament to our unwavering commitment to delivering accessible and quality healthcare services for all."
KKR makes its investment from its Asian Fund IV. The transaction in the healthcare sector in India and across Asia Pacific includes, Max Healthcare, Healthium, an Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; JB Pharma, Gland Pharma, and more.
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