KKR acquires Medicover India in ₹13,200 crore deal
HYDERABAD: Global investment firm KKR will acquire 100% of Hyderabad-based healthcare and diagnostics company Medicover India in a transaction valued at about ₹13,200 crore (€1.2 billion).
Medicover India, the Indian arm of Europe-based healthcare company Medicover AB, operates 24 hospitals with 4,800 beds across Telangana, Andhra Pradesh, Karnataka and Maharashtra.
KKR announced the acquisition on Thursday but did not disclose the transaction value. According to legal advisory firm Trilegal, which advised on the deal, KKR will spend about ₹13,200 crore. The transaction includes about ₹1,600 crore of debt at Medicover India and up to ₹1,500 crore of immediate fresh capital investment.
The transaction will be completed after receiving regulatory approvals.
Medicover India traces operations to 2017 acquisition
Medicover AB entered the Indian hospital business in 2017 by acquiring a majority stake in Hyderabad-based MaxCure Hospitals, operated by Sahrudaya Health Care Private Limited, and subsequently renamed the business Medicover India.
Medicover India now has about 14,000 employees, including 1,900 doctors, across 80 clinical specialities.
Akshay Tanna, partner and head of India Private Equity at KKR, said the investment reflected the firm’s confidence in the long-term growth of India’s healthcare sector.
KKR plans to bring in advanced technology and medical equipment through its investment, improve the quality of Medicover’s healthcare services and expand the hospital network to more locations, he said.
KKR has invested more than $20 billion in healthcare globally since 2004.
Existing management will continue for three years
Medicover AB currently holds a 67% stake in Medicover India, while the remaining 33% is held by the Indian promoters, Medicover India CEO P Hari Krishna said.
“We had planned to go for an initial public offering, but following a suggestion from the majority shareholder, we are also selling our stake. We expect regulatory approvals could come by October,” Hari Krishna said.
He said he, chairman Anil Krishna G and executive director A Sharath Reddy would continue with the company for at least three years.
“The Medicover name will continue for one-and-a-half years. Our hospitals provide medical services to 11 lakh patients annually. The latest transaction will not bring any change in services or the way the hospitals are managed,” he said.
The fresh investment will enable the company to introduce new technology and advanced medical equipment, he added.
“KKR’s plan is to expand the hospital network to 10,000 beds,” Hari Krishna said.
KKR expands healthcare investments in India
KKR has been stepping up investments in India’s healthcare sector amid rising demand for healthcare services and increasing health insurance penetration.
The investment firm entered Max Healthcare in 2018 and exited the company in August 2022 with a fivefold return.
It subsequently invested about ₹7,000 crore in Healthium Medtech Limited and ₹1,245 crore in Infinx.
In 2024, KKR acquired a 70% stake in Kerala-based Baby Memorial Hospitals for about ₹2,000 crore.
In 2025, it acquired a 60% stake in Bengaluru-based Healthcare Global Enterprises (HCG) for about ₹3,350 crore.
