UK fund picks up 19% equity in Quality Care

Ashmore Funds, UK, a global investment fund has picked up 19 per cent equity in Quality Care India Ltd (QCIL), the holding company of CARE group of hospitals for a consideration of Rs 90 crore.

The Hyderabad-based QCIL has divested the stake to part fund its Rs 150-crore, phase-I expansion, which would see the doubling of its bed strength to 2,000 by the end of March. The balance Rs 60 crore is being raised through debt from banks and internal accruals.

QCIL, which owns the CARE group of hospitals, has already lined up hospitals in Nagpur, Bhubaneswar, Raipur, Kochi, Visakhapatnam and Pune, with a minimum bed capacity of 100 each, as part of the expansion, said Dr N. Krishna Reddy, Director and Chief Executive Officer of CARE group.

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