KKR has signed an agreement to acquire a controlling stake in Healthcare Global Enterprises (HCG), one of India’s largest oncology hospital chains, from CVC Capital Partners.

The deal, valued at approximately $400 million, will make KKR the largest shareholder in HCG, with an equity stake expected to be between 54% and 77% upon completion.

As part of the agreement, KKR will acquire up to 54% of HCG’s shares from CVC Asia V at INR 445 per share. In compliance with India’s Securities and Exchange Board (SEBI) regulations, KKR will also launch an open offer to purchase additional shares from public shareholders.
Founded in 1989, Bengaluru-based HCG operates 25 cancer care centers across 19 cities in India. Its network includes 2,500 beds, nearly 100 operating theaters, and 40 linear accelerator machines. Dr. BS Ajaikumar, HCG’s founder, will transition to the role of non-executive chairman, focusing on clinical, academic, and research initiatives.

“HCG is a pioneer in cancer care in India and has established itself as an important healthcare provider in the country for the past three decades,” said Akshay Tanna, partner and head of India private equity at KKR. “Our investment in HCG will support the development of medical infrastructure and the delivery of critical oncology services.”

CVC Capital Partners, which acquired its stake in HCG in 2020, expressed confidence in the company’s future under KKR’s leadership. “We are proud to have supported HCG’s transformation at a critical juncture,” said Siddharth Patel, managing partner at CVC.

This acquisition is the latest in a series of healthcare investments for KKR in India. Previous investments include stakes in Max Healthcare, Baby Memorial Hospital, Healthium, and Gland Pharma.

The transaction is expected to close by the third quarter of 2025, subject to regulatory approvals.

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