New York-based Morgan Stanley‘s private equity arm has purchased a majority stake in ClearMedi Healthcare, a cancer care hospital chain based in Gurugram, India, for around $35m.

The deal involved buying out the 100% stake from Italy’s KOS Group and injecting fresh equity into the company.

ClearMedi Healthcare is a joint venture between Medipass, a subsidiary of La Repubblica Group in Italy, KOS S.p.A. in Italy, and Clearview Healthcare India.

Founded in 2010, ClearMedi Healthcare manages complex clinical services, including oncology, nuclear medicine, and radiology, and operates standalone super specialty hospitals with over 350 hospital beds across different locations.

Advay Capital, a Chennai-based investment bank, advised the management team of ClearMedi and Morgan Stanley PE on the transaction.

This deal expands Morgan Stanley PE’s presence in the healthcare industry in India.

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The KOS Group operates 110 facilities across eight states and a union territory and is an investor in oncology hospitals in Delhi and radiation therapy centres whereas ClearMedi Healthcare specialises in providing cancer care services.

Morgan Stanley is a financial services company offering investment banking, securities, wealth management, and investment management solutions.

With a presence in 42 countries, the company caters to clients worldwide, encompassing corporations, governments, institutions, and individuals.