Modi's party heads for victory in Maharashtra state election while opposition wins Jharkhand
Afraid of losing the US-Canada trade pact, Mexico alters its laws and removes Chinese parts
Horse’s head and pregnant cow used in ‘barbaric’ mafia threat in Sicily
Blinken heads to last G7 meeting of Biden presidency with Ukraine and Mideast topping the agenda
These Peruvian women left the Amazon, but their homeland still inspires their songs and crafts
Britain's Asda brings back industry veteran Leighton to lead business
China's Huawei aims 100,000 apps on Harmony OS in 6-12 months
The stars of ‘Wicked’ have been changed for good. Former Elphabas and Glindas remember the magic
Antetokounmpo gets triple-double as surging Bucks beat slumping Pacers 129-117 in NBA Cup play
By M. Sriram
BENGALURU (Reuters) - Blackstone said on Monday it will buy a majority stake in India's Care Hospitals from a fund belonging to asset management firm TPG, marking the U.S.-based private equity firm's entry into the country's healthcare services sector.
Blackstone will commit $1 billion in the hospital chain in India and hold over 75% in Care Hospitals, a source with direct knowledge of the matter said. They did not want to be named as the deal details are private.
The deal comes as a post-pandemic boom in demand for private healthcare in India has made the sector attractive, with global investors seeking an entry into healthcare chains in the country.
"Life sciences is a key investment theme for Blackstone and we plan to bring in our global scale and operating expertise," said Ganesh Mani, managing director at Blackstone Private Equity.
In a separate deal, Care Hospitals will buy a majority stake in KIMSHEALTH, which operates under Kims Healthcare Management, to form one of India's largest hospital platforms with 23 facilities and more than 4,000 beds across 11 Indian cities.
The value of both the deals is between $1.3 billion and $1.5 billion, the source added. The companies did not disclose financial terms of the deal.
TPG, which has a stake in Care Hospitals through its Evercare Health Fund, will retain a significant minority stake in the combined platform, the statement said.
Blackstone and Care did not immediately respond to Reuters' queries seeking financial details.
Hong Kong-based investment firm BPEA EQT, Baring Private Equity Asia, will acquire a 60% stake in Indian fertility services provider Indira IVF for 54 billion indian rupees ($648.63 million), Reuters had reported in July, citing a source.
($1 = 83.2525 Indian rupees)
(Reporting by M. Sriram in Mumbai and Rama Venkat in Bengaluru; Editing by Nivedita Bhattacharjee)
