Asia Healthcare Holdings raises $170-M from GIC

Singapore's sovereign wealth fund GIC is investing USD 170 million (nearly INR 1,300 crore) for a minority stake in Bengaluru-based healthcare delivery platform Asia Healthcare Holdings (AHH). The transaction values AHH at around INR 3,500 crore. Incubated by TPG Growth in 2016 and headed by Vishal Bali, ex-CEO of Fortis and Wockhardt Hospitals, AHH was set up as a holding company to promote single-specialty healthcare delivery. Launched with the acquisition of Cancer Treatment Services International (CTSI), which operated a single hospital in Hyderabad, it expanded to 11 cancer hospitals over three years, till the time TPG exited. AHH will use the funds for the next phase of growth, to consolidate the existing verticals of mother & child healthcare, fertility solutions (IVF), and to add new specialties.