Dubai-based private equity investor Abraaj Group on Wednesday said it will buy a majority stake in Hyderabad-based hospital chain Quality CARE India Ltd from global private equity firm Advent International. Though the deal size was not disclosed, a person aware of the transaction pegged it around Rs.1,700 crore.
CARE operates in Hyderabad, Secunderabad, Visakhapatanam, Raipur, Pune, Nagpur, Bhubaneswar, Jabalpur and Surat. Founded in 1997 by Dr B. Soma Raju and a team of cardiologists, it also runs a network of telemedicine hubs in rural Andhra Pradesh and Maharashtra. It has 2,600 beds across 16 hospitals in nine cities.