Private equity firm CARE Hospitals, the TPG-backed private equity firm, said on Monday that it has acquired a majority stake in Aurangabad-based United CIIGMA Hospitals for Rs 300-400 crore. United CIIGMA operates a 300-bed multi-specialty care hospital in Aurangabad.
The acquisition of United CIIGMA will allow CARE to expand its network in Maharashtra to three cities, with Pune and Nagpur being the other two cities. The agreement will also move its network to 17 health care centers in eight cities and six states, with more than 2,700 beds.
CARE was incorporated in 1997 as a single specialty cardiac hospital in Hyderabad with a capacity of 100 beds and 20 cardiologists. Since then, the group has grown into one of the leading multi-specialty hospital networks in India, with a focus on Tier 2 cities. TPG has its stake in CARE Hospitals through the Evercare Health Fund.
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