Dr Azad Moopen's family picks up 4% more stake in Aster DM Healthcare

Dr Azad Moopen’s family has hiked its stake in Aster DM Healthcare by 4 percent, buying shares for Rs 460 crore (Dh 207 million).

The increase of 4 percent stake from 37.88 percent reaffirms the family’s commitment to the business in India and the GCC, Dr Moopen said.
Listed in India, Aster DM Healthcare is currently valued at $1.4 billion.

With the latest purchase, the promoters of Aster DM Healthcare have increased their shareholding in the India-listed company to 41.88 percent. They purchased the shares from a large private equity investor invested in the healthcare provider.

Speaking on the development, Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare, said, “The increase of our stake in Aster DM Healthcare is a reiteration of our confidence in the business across geographies and our commitment to the patients and employees who have placed their trust in us. As a family, we are fully committed to Aster and promise our continued involvement in the GCC and India businesses, both in terms of ownership and management.”

Aster DM Healthcare had a turnover of Rs 10,253 crore or AED 5 billion in financial year (FY) 2021‐22.

For the current year, the company is doing well in terms of turnover and profits, thanks to restructuring of India and GCC businesses, added Dr Moopen.

In India, the company is setting up new projects, including the 350‐bed Aster Capital Hospital in Trivandrum, the 200-bed Aster MIMS Hospital in Kasargod, both in Kerala, the 150‐bed Aster Narayanadri Hospital in Tirupati, Andhra Pradesh, and the 100‐bed Aster G Madegowda Hospital in Mandya, Karnataka, among others.

“We have also rolled out 239 Aster pharmacies and 177 Aster labs & patient experience centres. With 4,095 beds in 15 hospitals in India going up to 4,670 in 18 hospitals next financial year, Aster will be connecting all the above through the myAster app, which will be launched this year in India to give omni-channel care to its customers,” he added.

The launch of the 181-bed Aster Royal Hospital in Oman, the 101-bed Aster Hospital in Sharjah and the acquisition of a 126-bed hospital in Al Qusais, which would be operational soon, will make Aster one of the largest healthcare providers in GCC with 15 hospitals, 113 clinics and 257 pharmacies. The company has embarked on a plan to roll out 250 new Aster pharmacies in the Kingdom of Saudi Arabia.

The myAster app has received 352,000+ downloads within a short period of its launch in GCC, Dr Moopen said.

Aster DM Healthcare has presence in seven countries through 828 establishments. It employs 29,108 people and serves over 18 million patients a year.