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Jul, 18 2017

KKR to invest $200 million in Radiant Life Care to acquire 49% stake

KKR, which has pumped in more than $3 billion through PE funding in India since 2006, will invest through its KKR Asian Fund III in Radiant.

New York based private equity giant, KKR has agreed to acquire a 49% stake in Indian hospital management company, Radiant Life Care Pvt. Ltd for $200 million (Rs 1,288 crore).

KKR, which has pumped in more than $3 billion through PE funding in India since 2006, will invest through its KKR Asian Fund III in Radiant, the Mumbai-based healthcare company said in a statement.

The firm had raised a record $9.3 billion for its latest Asia fund in June.

Radiant’s facilities include BLK Super Speciality Hospital (BLK) in New Delhi and the Nanavati Super Speciality Hospital in Mumbai.

The PE firm has previously extended financing to Radiant to support the company’s growth, it added without detailing the amount and the projects it invested in earlier.

Founded in 2000, Radiant Life Care Pvt. Ltd, will use the funds to expand its presence in the country and will also look at acquisitions.

Sanjay Nayar, CEO at KKR India, said, "In this industry, scale and operating leverage are increasingly important, and Radiant has a unique opportunity to acquire assets during a time of industry consolidation." Nayar and KKR director Nikhil Srivastava will join Radiant’s board.

Abhay Soi, Chairman and Managing Director, Radiant, said, "KKR has been a long-term partner to the company and that the two firms share their vision for healthcare excellence in India."

The company started operations with the redevelopment of BLK Super Speciality Hospital in New Delhi in 2010. BLK is now being expanded into a 1600-bed quaternary care hospital.

Later, Radiant collaborated with the Nanavati Hospital Trust in 2014 to take over the operations of the 350-bed multi-specialty Nanavati hospital in Mumbai. The company plans to expand Nanavati into a 1000 bed quaternary care institute over the next four years.

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