• KKR will acquire up to 77% of HCG, becoming its largest shareholder and taking full control of operations.
  • The $400 million deal is expected to close by Q3 2025, with Dr. BS Ajaikumar shifting to a Non-Executive Chairman role focused on research.

Global investment firm KKR has signed a definitive agreement to acquire a controlling stake in Healthcare Global Enterprises (HCG), one of India’s leading oncology hospital chains, from CVC Asia V for $400 million (approximately Rs 3,465 crore). The deal is expected to be finalized by the third quarter of 2025, subject to regulatory approvals and customary closing conditions.

As part of the transaction, KKR will acquire up to 54% of HCG’s equity from CVC Asia V at Rs 445 per share. Additionally, KKR will make an open offer to purchase more shares from public shareholders, potentially increasing its stake to between 54% and 77%. Following the completion of the acquisition, KKR will become HCG’s largest shareholder and assume sole control over its operations.

Dr. BS Ajaikumar, the founder of HCG, will transition to the role of Non-Executive Chairman, where he will focus on clinical, academic, and research initiatives. 

“I am delighted to welcome KKR, with their investment and operational expertise in healthcare in India and globally, as a majority shareholder in HCG. In my new role as Non-Executive Chairman, I will focus on clinical aspects involving a multidisciplinary approach to cancer care and research and development,” Dr. Ajaikumar said.

HCG, founded in 1989, operates 25 medical care centers across 19 cities in India, with an infrastructure that includes 2,500 beds, nearly 100 operating theaters, and 40 linear accelerator machines. It has played a significant role in the advancement of cancer care in the country.

KKR, which has a history of investing in India’s healthcare sector, sees this acquisition as a strategic move to enhance oncology services in the country.

“As healthcare continues to be a thematic focus for KKR in India, our investment in HCG will support the development of medical infrastructure and the delivery of critical oncology services and care to more patients in the country,” said Akshay Tanna, Partner and Head of India Private Equity at KKR.

CVC Asia V, the current majority stakeholder, expressed confidence in KKR’s ability to further HCG’s growth and expand its reach. The firm acknowledged its role in strengthening HCG’s position and facilitating its transformation into a leading oncology network in India.

With this acquisition, KKR aims to leverage its expertise in healthcare to further strengthen HCG’s services, ensuring continued advancements in cancer treatment and research in India.

Edited by Harshajit Sarmah