Thiruvananthapuram: True North, a leading private equity fund, will invest more than US$ 200 million in the Kerala based healthcare major Kerala Institute of Medical Sciences (KIMS).
According to KIMS Chairman Dr. M.I. Sahadulla, “Our interactions with the True North coupled with their impeccable record along with positive feedback from their existing portfolio companies gave us great confidence to partner with the firm. Together, with a shared value system, we hope to continue our growth and to become one of the largest Healthcare providers in India and the Middle East in the next 3 to 5 years.”
“This investment will be for the stake held by Ascent Capital Advisors India Pvt. Ltd and OrbiMed Advisors Llc and as a primary capital infusion to fund the growth plans of the KIMS Group across India and the Middle East. True North will hold around 40 per cent stake in India,” he added.
True North Managing Director Satish Chander said: “We believe that private equity has a key role in funding Indian healthcare services to address the sector’s supply-demand gap.”
“True North has played an active part by investing in the sector and it continues to be a key focus area for us. We have had the opportunity to evaluate numerous organizations in this space and have made nine investments across our different funds,” Chander said.
Adding that the KIMS flagship Thiruvananthapuram facility is a testimony to their focus on pursuing excellence in clinical care as well as customer service, Chander added : “We also respect the approach that they have taken to build this. True North is very excited to partner with and support KIMS in its future growth aspirations. We are excited about the healthcare potential in India and the Middle East and believe that KIMS would be a good addition to our healthcare portfolio,” he said.