Singapore sovereign wealth fund GIC Pte Ltd and US private equity firm TPG have acquired around 70% stake in India’s Asian Institute of Nephrology and Urology for 6 billion rupees (US$72.4 million).
The investment was made via speciality investment firm Asia Healthcare Holdings, a company funded by GIC and TPG, which announced the deal in a statement on September 21.
The Asian Institute of Nephrology and Urology was founded in 2013 by a team of urologists and nephrologists led by two doctors, C Mallikarjuna and P.C. Reddy. It operates seven hospitals across the cities of Hyderabad, Visakhapatnam, Siliguri and Chennai.
According to Asia Healthcare, the network has more than 500 beds, has treated more than 400,000 patients, and completed over 50,000 procedures.
Global investors have been actively investing in India’s healthcare market this year. Last month, Indian eye hospital operator Dr Agarwal’s Health Care raised $80 million from Singapore state investment firm Temasek Holdings and TPG, its existing investors.
And in April, Temasek paid $2 billion for an additional 41% stake in Manipal Hospitals, one of India’s largest hospital chains, boosting its total shareholding to 59%.
GIC doesn’t publicly disclose its asset data. The Sovereign Wealth Fund Institute estimates the wealth fund had around $770 billion of assets as of March 2023.
Texas-based TPG has $139 billion of assets under management.