True North to invest USD 200 mn in KIMS Group

Private equity fund True North will invest USD 200 million (around Rs 1,297 crore) in Kerala Institute of Medical Sciences (KIMS) Group.
The investment will be for the stake in KIMS held by existing investors -- Ascent Capital Advisors India Pvt Ltd and OrbiMed Advisors Llc -- and as a primary capital infusion to fund the growth plans of the KIMS Group across India and the Middle East, True North said in a statement.
The company will hold around 40 per cent stake in KIMS, it added.
Commenting on the development, KIMS Chairman, M I Sahadulla said: "Together, with a shared value system, we hope to continue our growth and to become one of the largest healthcare providers in India and the Middle East in the next 3 to 5 years."

True North believes that private equity has a key role in funding Indian healthcare services to address the sector's supply-demand gap, True North Managing Director Satish Chander said.
"We are excited about the healthcare potential in India and the Middle East and believe that KIMS would be a good addition to our healthcare portfolio," he added.
Founded in 2002, KIMS Group has over 1,500 beds across 6 hospitals.