KKR has secured a controlling stake in Healthcare Global Enterprises (HCG) from CVC Capital Partners for ₹3,466 crore ($400 million), expanding its footprint in the healthcare sector. With this deal, KKR’s ownership in HCG could rise to as much as 77%, while Dr. BS Ajaikumar will transition into the role of Non-Executive Chairman.
As per the agreement, KKR will acquire 54% of HCG from CVC at ₹445 per share, which is an 11% discount compared to Friday’s closing price. Following this, an open offer will be launched to acquire an additional 26% from public shareholders. If the offer is fully subscribed, KKR’s total stake in HCG could reach 77%. CVC, which currently holds a 60.36% stake, will retain a shareholding of around 7-9% upon completion of the deal.
With this acquisition, KKR-managed funds will become HCG’s largest shareholder and will take full control of its operations. “Healthcare remains a key investment area for KKR in India. Our investment in HCG aims to enhance medical infrastructure and expand access to critical oncology services,” said Akshay Tanna, Head of India Private Equity at KKR.
The transaction, conducted under definitive agreements between KKR and CVC, will allow Dr. BS Ajaikumar, HCG’s founder, to focus on advancing clinical research, academics, and development initiatives as he steps into the role of Non-Executive Chairman.
Founded in 1989, HCG is among India’s largest oncology hospital networks, operating 25 centers across 19 cities. The chain boasts world-class infrastructure, including 2,500 beds, nearly 100 operating theaters, and 40 linear accelerator machines (LINACs).
KKR’s investment will be made through its Asia Fund IV and marks its latest venture into India’s healthcare sector. The firm has previously invested in Baby Memorial Hospital, Healthium, Infinx, Max Healthcare, JB Pharma, and Gland Pharma.
The acquisition is expected to be finalized by the third quarter of 2025, subject to regulatory approvals and customary closing conditions.
