Dubai-based Abraaj Group has agreed to buy a majority stake in the Indian healthcare provider Care, as it aims to tap India’s burgeoning multibillion dollar industry.
Care, which is based in Hyderabad, is the fifth largest healthcare provider in India, with 16 hospitals in nine cities.
India’s spending on health care is rapidly increasing and more facilities are much needed.
Abraaj also plans to expand the chain into other countries where it has a presence.
“The implications of the healthcare gap in India are profound, but they translate into a long-term opportunity for Abraaj to help build a better and more sustainable healthcare infrastructure in the country,” said Sev Vettivetpillai, a partner and the global head of Abraaj’s thematic funds business. “Care has been a pioneer in providing quality health care to middle and low-income patients in India, and has the potential for further expansion domestically and internationally.”
Abraaj did not disclose the financial details of the deal. It is acquiring the stake from Advent International, an American global private equity firm.
Abraaj said that the partnership would “focus on providing accessible and affordable care in underserved cities throughout India”.
India’s healthcare sector is expected to grow by 15 per cent annually to reach US$90 billion by 2017 compared with $58.2bn in 2014, according to KPMG.
Its figures show that per-capita healthcare spending is expected to have risen to $88.7 last year from $57.9 in 2011.
There is soaring demand for treatment in India amid the proliferation of so-called lifestyle diseases, including diabetes and heart conditions.
It is not the only UAE-based company that is investing in India’s healthcare industry. Aster DM Healthcare, which has its headquarters in Dubai, in May launched the 5.5bn rupee (Dh302.28 million) first phase of a medical township that it is developing in Kochi, in Kerala.
Aster DM has also acquired hospitals in Hyderabad, Bangalore, Pune and Kolhapur, and plans to continue its expansion drive in the country.
Narayan Shetkar, the director of Singhi Advisors, a global investment banking firm based in Mumbai, said that India’s growing healthcare sector offers “significant business opportunities” for foreign and Indian companies alike.
He explained that Abraaj’s investment into Care Hospitals could help to “drive foreign investment into Indian healthcare market”, including from the Middle East, as well as allowing Care to expand its network across areas of India that are still relatively untapped when it comes to health care.
Abraaj said that the deal marked “Abraaj’s 28th investment in health care across growth markets”, with its previous transactions into the sector totalling almost $1bn.
It added that the latest deal would be “subject to customary closing conditions and is expected to conclude” this quarter.
The private equity group in October partnered with the Indian conglomerate Aditya Birla to invest in developing solar power plants in India.
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
