Global private equity giant KKR is reportedly moving closer to a major healthcare deal in India, with discussions underway to acquire a controlling interest in Medicover Hospitals India. According to reports, the proposed transaction could be valued at more than $1 billion.
Sweden-based Medicover has acknowledged that talks are taking place regarding a potential divestment of its Indian hospital business. Sources familiar with the matter indicated that negotiations have progressed significantly, with a non-binding agreement already in place.
Medicover currently owns a 66.9% stake in its Indian operations. Reports suggest KKR is looking to purchase the entire holding for at least $1.05 billion while simultaneously engaging with minority shareholders as part of the transaction process.
Despite the ongoing discussions, Medicover has stated that there is no assurance that a final agreement will be reached. The company is also continuing preparations for a possible initial public offering (IPO) of its Indian business.
Financial advisory firm Rothschild is overseeing the sale process on behalf of Medicover, while Kotak is advising KKR on the potential acquisition.
Since entering the Indian market in 2016, Medicover has expanded its footprint to 26 hospitals with nearly 6,000 beds. The India business now contributes more than half of the group’s total hospital portfolio worldwide.
The hospital chain generated revenue of approximately $234.6 million in 2025, reflecting a marginal year-on-year increase of nearly 1%, according to reports.
In India’s competitive healthcare market, Medicover operates alongside major hospital networks including Apollo Hospitals, Aster DM Healthcare, and Fortis Healthcare.
The potential acquisition would further strengthen KKR’s presence in India’s healthcare sector. The investment firm has been actively expanding its portfolio and, in 2024, acquired a controlling stake in a hospital chain based in Kerala, supporting its subsequent growth plans.
Industry observers note that India’s hospital sector is witnessing increased consolidation as healthcare demand rises. Growing insurance penetration, higher disposable incomes, and greater demand for quality medical services are encouraging hospital operators to expand capacity and attract investment.
If completed, the Medicover Hospitals India acquisition would rank among the significant healthcare transactions in the country in recent years. The deal would also highlight the growing interest of global investors in India’s rapidly expanding hospital and healthcare services market.
(Photo credit: medicoverhospitals.in)