Blackstone Forays Into Indian Healthcare Sector Through Stake In Care Hospitals: Report

Blackstone Inc's BX reportedly inked a deal to buy a majority stake in Care Hospitals in India from TPG Inc's TPG fund to foray into the healthcare services sector of the country.

Blackstone plans to commit a $1 billion investment in the hospital chain in India and holds over 75% of Care Hospitals, said Reuters.

"Life sciences is a key investment theme for Blackstone and we plan to bring in our global scale and operating expertise," said Ganesh Mani, managing director at Blackstone Private Equity, as per the report.

Also Read: Blackstone's India Move - In Talks For Disney's Stake

The report also noted Care Hospitals plans to acquire a majority stake in KIMSHEALTH, which operates under Kims Healthcare Management, to create one of India's largest hospital platforms with 23 facilities and over 4,000 beds across 11 Indian cities.

The value of both the deals are between $1.3 billion and $1.5 billion, as per the report.

This month, Blackstone reported segment revenues of $2.32 billion, down 10% Y/Y and missing the consensus of $2.51 billion, and distributable Earnings per share of $0.94 missed the consensus of $1.01.

Also Read: Blackstone Faces Mixed Trends But Holds Long-Term Growth Potential, Analyst Says

Price Action: BX shares closed lower by 2.07% at $89.61 on Friday.