Separately, hospitals in India have been buying each other at near record rates, with M&As totalling $4 billion in 2022 and $2.2 billion in the first five months of this year. Thanks solely to the Temasek deal, India accounted for 40% of the private equity investment made in hospitals globally during the first five months of this year. In 2022, PE investors spent $3.2 billion buying stakes in hospitals in India. India stands out from the rest of Asia, where there have been far fewer deals for hospitals this year, Dealogic data shows. Striking the largest healthcare deal ever in India, Singapore's state investor Temasek spent $2 billion in April lifing its stake in Manipal Hospitals, one of largest multispecialty chains whose services include cardio and neuro surgeries, by 41% to 59%. The attraction of single specialty hospitals, Sharma said, is that they are smaller in size, require less investment, but can generate superior returns as demand rises. The eye care group did not respond to a request for comment. Indian private equity firm Kedaara Capital invested $150 million in two hospitals recently, and is now evaluating more deals as it sees patients are opting for branded chains for better care, Chief Investment Officer Nishant Sharma said.Īnother specialty chain, Centre for Sight, is in talks to sell a stake at a valuation of $200 million, one industry source said. COVID accelerated awareness," said Gaurav Sharma, a partner of Bahrain-based Investcorp in Mumbai.Īfter investing $67 million in India's Clove Dental chain last year, Investcorp expects demand for preventive treatments to rise and is eyeing more deals, especially when assets are in smaller towns and cities. "The India healthcare opportunity has always been attractive, but never more than now. But demand positively boomed in the aftermath of the COVID-19 pandemic, when India suffered one of the world's worst death tolls from the virus.
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