KKR invests nearly $90m in India’s Apollo Hospitals


hospital corridorPrivate equity major KKR has backed Indian hospital operator Apollo Hospitals Enterprise with a INR5.5bn ($89.5m) investment.

The New York-based firm will subscribe to debentures issued by the company, which can be converted into equity in five years.

The company, which currently operates 51 hospitals with more than 8,500 beds, will use the investment to repay its debts and build more hospitals.

KKR India CEO Sanjay Nayar said, “KKR has successful investments in the healthcare sector globally, including in Hospital Corporation of India and pharmacy chain Alliance Boots.

“This partnership has been initiated through our alternative credit business in India, and will look to pave the way for a broader engagement between us as partners.”

KKR is reportedly planning to raise INR20bn for its Indian alternative investment fund.

It has also been reported that the firm is set to acquire a 30 per cent stake in Indian pharmaceutical business Gland Pharma for $150m.

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