Apollo Hospitals has entered into a deal of Rs.550 Cr. with Kohlberg Kravis Roberts (KKR)..While it does not infuse new funds into Apollo Hospitals, it will help PCR Investment Ltd, the family holding company of the Apollo promoters reduce its debt from Rs 700 crore to Rs 150 crore.
PCR Investment Ltd. currently holds 18.42 per cent stake in Apollo Hospitals has taken a debt from KKR.The investment will be done in the form of debentures that have an option to be converted into equity shares in the Chennai-based hospital chain at the end of the five year period, said a senior official of the company who did not want to be named.
KKR has a history of successful investments in the healthcare sector globally, including in market-leading businesses like Hospital Corporation of America and Alliance Boots, and we are very excited with the opportunity to partner with Dr Reddy and family who have created one of India’s finest healthcare businesses,” KKR India CEO Sanjay Nayar said on the development.
Now, its investment in Apollo will also be a good one to add in the list.
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