KKR To Buy Kozhikode's Baby Memorial Hospital: Report
The KKR & Co is preparing to make a comeback in the Indian hospital sector by buying Kerala’s Baby Memorial Hospital, after two years of its mega exit. The company is buying the hospital from the Max Healthcare, the most profitable so far, as buyout fund is all set to acquire over 70 percentage of controlling stake in Baby Memorial Hospital (BMH) with an investment worth $300 million, over Rs 2500 crore, as reported by Economic Times.
In a statement released, the company said the investment will support BMH’s efforts to address the growing need for quality, accessible healthcare services in India by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies.
“Our investment in BMH reflects our continued thematic focus on healthcare in India. We are pleased to be strategic partners with Dr. K G Alexander and family through this investment, which will aid BMH in expanding its network of hospitals and continuing to invest in medical infrastructure so that its medical services can reach more patients in India. We look forward to drawing from KKR’s network and deep healthcare expertise to take BMH to its next phase of growth and deliver greater impact to its communities”, said Akshay Tanna, Partner and Head of India Private Equity, KKR.
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Founder and Chairman of BHM, Dr. K G Alexander, said, “KKR’s investment in BMH is a testament to our unwavering commitment to delivering accessible and quality healthcare services for all”, as quoted by media.
KKR & Co, the American investment firm is coming back to invest in Indian hospitals after two years. The company, which is also known as Kohlberg Kravis Roberts & Co. manages multiple alternative assets including private equity, real estate, infrastructure and more. The firm provides alternative asset management and capital markets solutions for a variety of firms, as per its official website.
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It is now taking up BMH, founded in 1987, which has a capacity of 1,000 beds across its hospitals in Kozhikode and Kannur. KKR stated the new deal is a part of its expansion in India’s (and Asia Pacific’s) healthcare sector including the country’s largest hospital network, Max Healthcare, the Indian medical devices firm Healthium, the tech-based healthcare revenue solutions provider Infinx, the pharma companies Gland Pharma and JB Pharma.
