CVC, a leading global private markets manager, is pleased to announce the signing of definitive agreements for the sale of CVC Asia V’s majority stake in Healthcare Global Enterprises (“HCG”), a leading healthcare organization in India, to KKR. CVC Asia V will sell up to a 54% stake in HCG to funds managed by KKR, a leading global investment firm, at a purchase price of INR 445 per share.
Following the completion of the transaction Dr. BS Ajai Kumar, Founder of HCG, will take on the role of Non-Executive Chairman and will focus on driving clinical, academic and R&D excellence.
Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centres across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theatres and 40 linear accelerator machines (LINACs). Since CVC Asia V invested in 2020, CVC’s India team have worked closely with HCG on a transformational value creation program to drive revenue growth through and beyond COVID, improve key performance indicators, source and execute acquisitions and digital transformation, whilst ensuring continuous improvement in patient care and clinical outcomes.
Siddharth Patel, Managing Partner at CVC said: “We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.”
“We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.”
Siddharth Patel Managing Partner at CVC
Amit Soni, Partner at CVC added: “Our partnership with Dr. Ajaikumar and the management team is a testimony to our ability to combine clinical and professional acumen to increase the reach of cancer care in India. We thank Dr. Ajai and the management for their unparalleled support and commitment to a common vision.”
Dr. BS Ajaikumar, Founder, HCG, said, “I want to thank CVC for their support through the years, helping the management to put HCG in the strong position it is in today. I am delighted to welcome KKR, with their investment and operational expertise in healthcare in India and globally, as a majority shareholder in HCG. Patient wellbeing and outcomes will always be a top priority for us at HCG, and in my new role as Non-Executive Chairman, I would focus on clinical aspects involving multi-disciplinary approach to cancer care, and research and development; and look forward to the journey of HCG where it continues to stay at the forefront of clinical excellence, research, and academics.”
The transaction is expected to close in Q3 2025, subject to customary closing conditions and regulatory approvals.