Advent invests $105 million in CARE Hospitals

Hyderabad, April 2 (IANS) Advent International, one of the world's leading global private equity firms, Monday announced that it is investing $105 million (Rs.523 crore) in Hyderabad-based CARE Hospitals by acquiring shares from existing investors.

The business will continue to be run by the founders following Advent's investment, said a statement from Advent International.

CARE is the largest multi-specialty hospital chain in south India. It is ranked five by number of beds and by revenue in India and has a significant market position in Andhra Pradesh.

"From a 100-bed single specialty facility focusing on cardiac care, CARE has become a multi-specialty hospital group comprising 1,590 beds across 11 hospitals. Our partnership with Advent provides us with the required resources and support to expand our presence and reiterates our commitment in providing the best in healthcare with compassion, to more people in India," said CARE Hospitals founder B.Soma Raju.

"Through this union, Advent brings relevant global experience to support CARE's expansion plans in India. CARE aspires to match the best international benchmarks in healthcare delivery and we are committed to supporting them in this endeavour," said Georg Stratenwerth, managing director, Advent India PE Advisors Pvt Ltd.

CARE has hospitals in Vishakhapatnam, Raipur, Bhubaneshwar, Nagpur, Surat and Pune along with Hyderabad, and is poised for further growth and expansion in tier II cities, added the release.