Competition watchdog CCI has cleared private equity giant Advent International's proposal to acquire a stake in Yatharth Hospitals, paving the way for a Rs 3,150- crore investment in the listed healthcare provider.
The US-based Advent International is investing through its affiliate Rasmalai Ltd.
The Competition Commission of India (CCI) said on Tuesday that it has approved the proposed deal.
"Commission approves acquisition of certain shareholding of Yatharth Hospital & Trauma Care Services Limited by Rasmalai Limited," the anti-trust regulator said in a post on X.
In September, Yatharth Hospital and Trauma Care Services announced that Advent International has entered into a definitive agreement to invest Rs 3,150 crore of primary capital in the company.
Following the completion of the transaction, Advent is expected to hold a minority stake of 24.9 per cent in the healthcare provider.
The investment will provide growth capital to Yatharth Hospitals to fund its expansion plans and strengthen its healthcare network across the country, while allowing Advent to expand its footprint in India's fast-growing hospital and healthcare services market.
Noida-based Yatharth Hospital and Trauma Care Services operates a network of super-speciality hospitals, offering comprehensive healthcare services, diagnostics and advanced medical procedures across multiple specialities.
Founded in 2008, the company is among North India's fastest-growing listed healthcare providers. It operates nine multi-speciality hospitals with 2,800 beds and an overall announced capacity of 3,250 beds.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices, as well as promotes fair competition in the marketplace.
Earlier this month, Yatharth Hospital and Trauma Care Services reported a 17.45 per cent rise in consolidated net profit to Rs 48.45 crore during the September quarter.
The hospital chain had posted a profit of Rs 41.25 crore in the year-ago period. Its revenue from operations rose to Rs 431.42 crore during the period under review against Rs 28.3 crore a year ago, the company said.
Rasmalai Limited is an entity incorporated in Cyprus with the principal activity of holding investments and currently has no activities or presence in India.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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