True North To Invest $200 Mn In KIMS Group

NEW DELHI: Private equity fund True North will invest $200 million (around 1,297 crore) in Kerala Institute of Medical Sciences (KIMS) Group. 

The investment will be for the stake in KIMS held by existing investors -- Ascent Capital Advisors India Pvt Ltd and OrbiMed Advisors Llc -- and as a primary capital infusion to fund the growth plans of the KIMS Group across India and the Middle East, True North said in a statement.

The company will hold around 40 pct stake in KIMS, it added.

Commenting on the development, KIMS Chairman, M I Sahadulla said: "Together, with a shared value system, we hope to continue our growth and to become one of the largest healthcare providers in India and the Middle East in the next 3 to 5 years." 

True North believes that private equity has a key role in funding Indian healthcare services to address the sector's supply-demand gap, True North Managing Director Satish Chander said. 

"We are excited about the healthcare potential in India and the Middle East and believe that KIMS would be a good addition to our healthcare portfolio," he added. 

Founded in 2002, KIMS Group has over 1,500 beds across 6 hospitals.

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