Investcorp, Bahrain's alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, has sold its stake in ASG Eye Hospital, the second-largest eye care hospital chain in India, as it continues to realise investment gains on mature assets and explore new investment opportunities.
The sale of Investcorp's shareholding to General Atlantic and Kedaara Capital is part of a growth capital funding round of 15 billion India rupees ($188 million), the company said in a statement on Monday. It did not give financial details of the transaction or the size of the stake sold.
The financing round is India’s biggest private equity funding in the eye care sector and one of the largest private equity transactions in the single speciality healthcare industry in the country, the company said.
Investcorp, which acquired the ASG stake in 2017, helped the hospital's operator drive expansion and boost revenue growth.
During the investment period, ASG successfully implemented its domestic expansion strategy, entering new and underserved markets in India. The number of hospitals operated by ASG in the country has more than doubled and revenue has tripled since Investcorp’s investment.
Earlier this year, ASG won the bid to acquire Vasan Eye, an eye care hospital chain that will expand ASG’s footprint in South India.
“Since our initial investment, the company has gone from strength to strength,” Mohammed Al Sada, head of Bahrain and Kuwait for Investcorp’s Private Wealth, said.
“This was our first investment in the healthcare sector in India and our private equity team in India will continue to identify opportunities in growing founder-led companies with the potential to create value for our clients.”
Investcorp is an active investor in mid-market companies across consumption-linked sectors and real estate-focused businesses in India, Asia’s third-largest economy.
In the private equity space, Investcorp is targeting opportunities in the healthcare, software and business services, financial services and consumer sectors.
Its investments over the last four years include Wingreens, V-Ensure, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees and Safari Industries.
Established more than four decades ago, Investcorp has grown to become one of the leading alternative asset management companies in the region. The company went on an acquisition spree during the Covid-19 pandemic to capitalise on lower asset valuations and is bullish on the growth prospects for its portfolio.
Alternative asset managers invest outside public markets, including in private equity, private credit, venture capital, hedge funds, commodities, real estate and infrastructure.
Investcorp said it had $40.4bn in total assets under management as of December 31, including assets managed by third-party managers.
The company aims to more than double its assets under management to $100bn in seven years’ time, from $37.6bn as of June 2021, its executive chairman Mohammed Alardhi told Bloomberg in September.
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
