INDIA – Dr. Moopen’s family has increased its stake in Aster DM Healthcare by 4%, as it continues to consolidate its shareholding in the company as part of its global expansion strategy.
Aster DM Healthcare, with its presence in 7 countries and 828 establishments, employs 29,108 people and serves over 18 million patients a year.
According to the company’s statement, Dr. Moopen’s family has significantly upped its stake, adding 4% to the 37.88% stake it already owned.
These latest shares were acquired from one of the large private equity investors in a buyout deal valued at nearly Rs 460 crores (US$55,991,706 million).
The deal raises the promoters of Aster DM Healthcare’s stake in the company to 41.88%% and the valuation of Aster DM Healthcare stands at US$1.4 billion as of March 2023.
In his address, Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare said: “The increase of our stake in Aster DM Healthcare is a reiteration of our commitment to the patients and employees who have placed their trust in us.”
This acquisition highlights the promoters of Aster DM Healthcare’s confidence in the healthcare business across geographies.
“As a family, we are fully committed to Aster and promise our continued involvement in GCC and India businesses both in terms of ownership and management,” added Dr. Azad Moopen.
This move comes only weeks after Aster named Dr. Nitish Shetty as the company’s new Chief Executive Officer for the Indian region and Rahul Kadavakolu as the Group’s Chief Marketing Officer.
Prior to the senior leadership changes, Aster DM Healthcare reported a turnover of Rs. 10,253 crores (US$1,247,695,772.4 billion) in the Financial Year 2021/22.
The multinational healthcare company’s expansion strategy focuses on restructuring its businesses in India and the Gulf Cooperation Council (GCC) countries.
In India, Aster intends to launch a 350-bed capacity Aster Capital Hospital in Trivandrum, a 200-bed capacity Aster MIMS Hospital in Kasargod, a 150-bed capacity Aster Narayanadri Hospital in Tirupati, and a 100-bed capacity Aster G Madegowda Hospital in Mandya.
The healthcare company also plans to roll out 250 new Aster Pharmacies in the Kingdom of Saudi Arabia.
Furthermore, Aster Royal Hospital in Oman and Aster Hospital in Sharjah are set to begin operations before mid-year.
“This will make Aster one of the largest healthcare providers in GCC with 15 hospitals, 113 clinics, and 257 pharmacies,” noted Dr. Moopen.
Moreover, Aster DM Healthcare plans to develop sustainable infrastructure with high core values, and the group identifies India and GCC countries as key markets for development.
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