CARE HOSPITALS GROUP acquires Hospital in HITEC City, Hyderabad

CARE Hospitals Group (CARE), one of the largest multispecialty hospital chains in India, has acquired a new hospital with 250 beds in HITEC City, the fastest-growing suburb of Hyderabad. Besides CARE's traditional areas of specialization including Cardiac Sciences, Neuro Sciences and Renal Sciences, the new hospital would focus on Oncology as well as Organ Transplants. The hospital, renamed CARE HITEC City, would be ready to start services by December of this year.

The acquisition was funded by an equity investment from CARE's key shareholder, global private equity firm Advent International. It follows CARE's recent addition of a 100-bed facility in Vizag, and together, the two transactions will further consolidate the group's presence in the states of Telangana and Andhra Pradesh.

"The acquisition of the new facility in Hyderabad will further enhance our clinical offerings and help to deepen our services in several specialties," said Dr B Soma Raju, Founder and Chairman of CARE Hospitals. "We are now in a position to provide a broad range of high end tertiary care services across a larger platform."

Dilip Jose, Group CEO of CARE, added: "The new hospital enhances our leadership position in Hyderabad and provides beds in a key location that is witnessing high demand for quality medical care. The acquisition is in line with the cluster strategy that we have adopted across our network to ensure scale and leadership in our geographies, enabling an extended range of clinical services and ease of access for our patients."

Since Advent International's investment in April 2012, CARE has made rapid progress on multiple fronts, improving operations, adding key specialities and clinical teams, increasing capacity and expanding the hospital network. CARE has grown its footprint from 12 hospitals and 1,600 beds in seven cities three years ago to 17 hospitals and 2,400 beds in nine cities today. The company is also in advanced stages of opening a Greenfield hospital in Bhubaneswar, which, coupled with ongoing expansions at existing facilities in Raipur and Pune, will add another 600 beds, taking the total beds in CARE's system to approximately 3,000 by year end.

Source : Equity Bulls

Keywords