HQ Team
February 24, 2025: US-based private equity and advisory investment firm KKR & Co. Inc. will pay CVC Capital Partners $400 million to acquire a majority stake in India’s HealthCare Global Enterprises Ltd. (HCG).
Following the acquisition, KKR will become the largest shareholder in HCG and assume sole control of HCG’s operations, according to a statement.
KKR will acquire up to 54% of the equity in HCG from CVC Asia V at a purchase price of INR 445 per share. The transaction is expected to close by the third quarter of 2025.
Dr BS Ajaikumar, Founder of HCG, will take on the role of Non-Executive Chairman and be focused on driving clinical, academic and research and development excellence.
Oncology chain
Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77%.
Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centers across 19 cities with best-in-class infrastructure including 2,500 beds, and nearly 100 operating theaters.
“As healthcare continues to be a thematic focus for KKR in India, our investment in HCG will support the development of medical infrastructure and the delivery of critical oncology services and care to more patients in the country,” said Akshay Tanna, Partner and Head of India Private Equity, at KKR.
HealthCare Global Enterprises is headquartered in the southern Indian city of Bengaluru and it is one of the largest providers of cancer care in India.
‘Research and development’
Dr AjaiKumar said: “Patient well-being and outcomes will always be a top priority for us at HCG.
“In my new role as Non-Executive Chairman, I will focus on clinical aspects involving a multi-disciplinary approach to cancer care, and research and development; and look forward to the journey of HCG where it continues to stay at the forefront of clinical excellence, research, and academics.”
KKR makes its investment from its Asia Fund IV. This transaction marks KKR’s latest investment in India’s healthcare space.
Past investments in this sector have included Baby Memorial Hospital, a leading regional multi-speciality hospital chain in India and Healthium, a leading Indian medical devices company.
