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Aster DM Healthcare Nears Completion of Separation of India and GCC Businesses, Partners with Fajr Capital-led Consortium for GCC Investment
Aster DM Healthcare Limited, a prominent integrated healthcare provider in the GCC and India, has announced significant progress in the separation of its India and GCC businesses, along with a proposed investment in its GCC business by a consortium of investors led by Fajr Capital, a UAE-based sovereign-owned private equity firm.
The separation plan, initiated in November 2023, received corporate approvals to establish two distinct entities aimed at unlocking long-term value. A definitive agreement was reached for a Fajr Capital-led consortium to acquire a 65% stake in the Company’s GCC business, which was subsequently approved by shareholders in January 2024.
With approvals obtained from the Kingdom of Saudi Arabia’s General Authority for Competition (GAC) and all conditions precedent fulfilled, the transaction is nearing completion. Necessary no-objection certificates have been secured from key partners, and relevant authorities in the GCC region have been duly informed. Additionally, the integration of business operations in Qatar has been successfully executed.
Upon completion, the Moopen family will retain leadership of the GCC business, holding a 35% stake in the buyer entity. Existing shareholders will remain with the listed Indian entity, Aster DM Healthcare Ltd. A substantial portion of the proceeds from the transaction is intended to be declared as dividends to shareholders, subject to regulatory approvals.
In India, the company plans to maintain its growth trajectory by expanding its institutional investor base and increasing bed capacity by 1500 beds by FY27. This expansion strategy includes both brownfield and greenfield projects, with an allocated investment of Rs. 850-900 crore. Planned expansions include Aster Capital in Trivandrum, Aster MIMS Kasargod, and additional bed capacity in existing hospitals.
Dr. Azad Moopen, Founder Chairman of Aster DM Healthcare, emphasized the potential of the separation to unlock value and strengthen the company's presence in both India and the GCC region. Alisha Moopen, Managing Director and Group CEO of Aster GCC business, expressed readiness to embark on the next stage of growth, focusing on expansion in Saudi Arabia, UAE, Oman, and Qatar, with the support of Fajr Capital and consortium partners.
In the GCC, Aster DM Healthcare aims to expand its Aster Pharmacy business in Saudi Arabia and enhance bed capacity at Aster Sanad Hospital in Riyadh. Additionally, the company is poised to launch Medcare Royal Hospital in UAE, catering to tertiary and quaternary care needs.
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