The deals will see private equity funds managed by Blackstone acquiring a 72.5 per cent stake in Care Hospitals at an enterprise value of Rs 6,600 crore. This will be purchased from Evercare, a platform owned by TPG Rise funds
Prior to the deal, Sheares Healthcare India, an existing shareholder in Manipal Health Enterprises, held around 18 percent stake. Sheares manages a portfolio of healthcare delivery assets for Singapore-headquartered investment major Temasek.
Photograph by Maneesh Agnihotri
Dr Sandeep Budhiraja, Group Medical Director, Max Healthcare, joined the Analjit Singh-promoted hospital chain in January 2001 as a founder member. I have seen the growth of Max, which started as a small ambulatory care centre at Panchsheel Park in New Delhi, says Budhiraja. The veteran doctor now works under a new Chairman and Managing Director, 46-year-old Abhay Soi, formerly a turnaround and restructuring specialist with firms, including Arthur Anderson, EY and KPMG. We are now the most profitable and fastest-growing healthcare company in India and the second largest in terms of revenue, says Soi.
Veteran healthcare professional Dilip Jose was advising TPG Capital for close to two years, before taking over as Managing Director and CEO of Manipal Health Enterprises (MHEL) in early 2018. Prior to that, he was Group CEO at Hyderabad-based Care Hospitals. Now his former employer Care Hospitals has a new owner, Dubai-based private equity investor