The Competition Commission of India (CCI) has given the green light to a merger involving Aster DM Healthcare, Quality Care India Limited (QCIL), BCP Asia, and Centella.
As per the approved plan, QCIL will be merged with Aster DM Healthcare through a scheme of amalgamation. Following the merger, the combined entity will be renamed Aster DM Quality Care Limited. Before the merger is finalized, Aster will acquire a 5% stake in QCIL from BCP Asia II TopCo IV Pte. Ltd. and Centella Mauritius Holdings Limited. In return, Aster will issue new primary shares.
After the transaction, QCIL’s current shareholders—Centella, BCP, and certain minority investors—will retain a stake in the merged company. However, Centella will hold less than 10% equity and will not possess any controlling rights.
Aster DM Healthcare is a major healthcare provider in India, operating 19 hospitals with a total of 4,867 beds, along with 13 clinics, 215 pharmacies, and 232 diagnostic labs and patient service centers across six Indian states. It is a part of the larger Aster Group.
BCP is backed by investment funds managed by affiliates of Blackstone Inc., while Centella is owned and controlled by an entity advised by affiliates of TPG Inc., the parent company of the TPG Group.
QCIL, an unlisted public company, is jointly controlled by Centella and BCP. It operates a network of multi-speciality hospitals under the brand names CARE Hospitals, KIMS Health, and Evercare. The company manages 26 healthcare facilities across 14 cities in India, offering over 5,150 beds, more than 30 medical specialities, and a team of 2,500+ doctors.
