Indore (Madhya Pradesh): Hyderabad-based CARE Hospitals Group, an asset of TPG Growth-managed Evercare Fund, announced its entry into the state through the acquisition of Indore-based CHL Hospitals.
Established in 2001, Convenient Hospitals Ltd (CHL) was the first corporate hospital established in the central region of India and is known for its strong clinical expertise in the fields of cardiology/cardiac surgery, neurosciences, GI, liver transplants, renal sciences and critical care. CARE Hospitals was instituted in 1997 as a single specialty cardiac hospital in Hyderabad with 100 beds and 20 cardiologists.
Speaking about the acquisition, Jasdeep Singh, Group CEO, CARE Hospitals said, “We welcome CHL Hospitals to the CARE Hospitals network and are excited by the potential to create greater accessibility to high-end clinical care of patients with our combined expertise in central India. As a national chain, CARE Hospitals has always been at the forefront of providing quality healthcare to the patient community in Tier 2 cities and our hospitals are leading providers in each of these cities. This partnership with CHL consolidates our presence further with a leadership position in a key geography of the country.”
Rajesh Bhargava, chairman and managing director, CHL Hospitals said, “We’d been getting acquisition interests since 2009. Being an entrepreneur and a founder of CHL, I wanted my dream project to always be in safe hands. TPG and CARE Hospitals seemed to be a promising partner in 2022 and, hence, we decided to part with the majority.”
He added, “We welcome CARE Hospitals to take the lead in growing CHL Hospitals in Indore and other parts of the state. For the past 21 years, the clinical team at CHL across specialties has been delivering exceptional care and has gained multiple recognitions. With the new transition, our teams are looking forward to supporting CARE Hospitals in its endeavour to scale up CHL Hospitals in central India.”
(With agency inputs)
