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Apax makes partial exit from Apollo Hospitals

  • Andrew Woodman
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Apax Partners has exited part of its stake in India' s Apollo Hospital to Oppenheimer Funds for INR5.3 billion ($97 million).

According to a regulatory filing, Apax off-loaded 638,500 shares, representing a 4.59% stake in the company. Oppenheimer Funds acquired the holding via an open market purchase.

Apax bought an 11.4% stake in Apollo in 2007, paying INR4.26 billion ($79 million). The company is one of India's largest hospital chains with 50 owned or managed hospitals and a total capacity of more than 8,200 beds. It has facilities across 14 cities, including New Dehli, Hyderabad, Bangalore and Chennai.

There has been a lot of activity in India's healthcare sector recently. Last year Olympus-backed DM Healthcare, a Dubai-based healthcare services provider announced it would invest INR15 billion in India. During the same period India Value Advisors invested $179m in Manipal Hospitals and more recently Norwest Venture Partners invested $11 million in Indian medical technology company Perfint Healthcare as part of a Series D round of funding.

One of the opportunities spotted in India's healthcare space recently has been in medical tourism with Apollo and Manipal Hospitals among others increasing their offering to international patients. 

 

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