Hyderabad, June 27 (IANS) Leading global growth equity firm General Atlantic has invested $130 million to acquire minority stake in Krishna Institute of Medical Sciences (KIMS Hospitals), a leading multi-disciplinary provider of healthcare services in Andhra Pradesh and Telangana, it was announced on Wednesday.
KIMS announced that it has received a strategic growth investment from General Atlantic, with the equity firm making the investment, in a combination of primary capital and secondary purchases, to acquire a significant minority stake in the company, said a statement.
Set up in 2004 by Dr. Bhaskar Rao, a renowned cardiothoracic surgeon, KIMS Hospitals has grown to become one of the largest corporate healthcare groups in southern India, with seven multi-specialty hospitals across the region and a capacity of over 2,500 beds.
“We are thrilled to partner with General Atlantic as we embark on our next phase of growth to strengthen our presence in underserved geographies. Given General Atlantic’s deep experience of investing in healthcare globally and its network of relationships across leading global healthcare institutions, we are confident that his new association will help KIMS Hospitals deliver on its goal of bringing quality medical care, modern medical facilities, and services within the reach of the common man,” said Bhaskar Rao, MD and CEO of KIMS Hospitals.
“The combination of an acute shortage in quality healthcare infrastructure and a strong focus from the government to make quality healthcare more accessible, has created compelling secular tailwinds to drive growth for high-quality corporate hospital networks. We believe KIMS Hospitals is uniquely positioned to benefit from these trends,” said Sandeep Naik, Managing Director and Head of India and Asia-Pacific at General Atlantic.
General Atlantic has been active in India since 1999 and has invested over $2 billion in the India and Asia-Pacific region, as of December 31, 2017. It focuses on investments in healthcare, technology, consumer, and financial services.