Global investment company KKR has entered a definitive agreement for the acquisition of a controlling stake in Baby Memorial Hospital (BMH), a multi-specialty hospital network based in the Indian state of Kerala.

As per the deal, funds managed by KKR plan to takeover nearly 70% controlling stake in BMH with an investment of approximately $300m (Rs2.5bn), the Economic Times quoted two people with knowledge of the development.

This move is set to bolster BMH’s mission to provide accessible and quality healthcare services across India, with plans to expand through organic growth and strategic acquisitions.

Established in 1987, BMH offers 1,000 beds across its facilities in Calicut and Kannur districts of Kerala. It offers comprehensive services across 40 medical and surgical departments, including oncology, cardiology, gastroenterology, neurology, paediatrics and orthopaedic care.

Baby Memorial Hospital founder and chairman Dr K G Alexander said: “KKR’s investment in BMH is a testament to our unwavering commitment to delivering accessible and quality healthcare services for all.

“We are pleased to be able to tap into global and local experience in the healthcare sector, which will enable us to accelerate our growth and expand our services across India, and importantly continue to deliver excellence to the patients we serve.”

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This investment is expected to significantly contribute to the improvement and expansion of healthcare services in India, particularly with BMH’s planned regional expansions.

KKR’s investment originates from its Asian Fund IV and marks another strategic step in the firm’s growing healthcare portfolio in India and the Asia Pacific.

The firm has a history of successful healthcare investments in the region, including Max Healthcare, Healthium, Infinx, JB Pharma, Gland Pharma, PHC, Bushu Pharma, and Metro Pacific Hospitals.

KKR India Private Equity partner and head Akshay Tanna said: “Our investment in BMH reflects our continued thematic focus on healthcare in India.

“We are pleased to be strategic partners with Dr K G Alexander and family through this investment, which will aid BMH in expanding its network of hospitals and continuing to invest in medical infrastructure so that its medical services can reach more patients in India.”