Asia Healthcare Holdings has paid $72.1 million to acquire Asian Institute of Nephrology and Urology in India.

TPG pays $72 million to acquire Asian Institute of Nephrology and Urology in India

September 22, 2023
by John R. Fischer, Senior Reporter
U.S. private equity investor TPG Growth’s operating and investment platform Asia Healthcare Holdings has acquired India's Asian Institute of Nephrology and Urology (AINU) in a $72.1 million deal (₹6 billion rupees).

Through the acquisition, AHH has entered the urology and nephrology markets, making it the largest and only single-specialty healthcare delivery platform in India and the broader Asian subcontinent, according to Nikkei Asia.

Founded in 2016, AHH has stakes in oncology, women, and child care through its investment in Motherhood Hospitals and infertility treatment through Nova IVF Fertility, reported Reuters. The company invests in single-specialty healthcare businesses in India and South Asia, using its management expertise to refine their operations. GIC, a sovereign wealth fund in Singapore, invested $170 million in 2022 for a minority stake in the company.

A team of urologists and nephrologists founded AINU in 2013. Since then, it has completed more than 1,000 robotic urology surgeries, over 200,000 courses of dialysis, and 300 kidney transplants, and runs seven hospitals across India with 500 beds.

"AINU not only adds a new specialty to the AHH platform but also strengthens our vision of scaling the single-specialty healthcare delivery ecosystem in the country," said Vishal Bali, executive chairman of Asia Healthcare, in a statement.

According to Reuters, rising demand for private healthcare in India is driving up investments in its healthcare markets, particularly for hospital chains. The increase in private healthcare’s popularity stems from the pandemic, a growing population, and rising disposable incomes.

Last year, Siemens Healthineers began offering consulting services to Southeast Asian companies owned by private equity firm TVM Capital Healthcare, helping them strategize and develop “Centers of Excellence” in oncology, cardiology, neurology, and other key areas, as well as digitize their operations and optimize business processes.

Global consultancy PwC projects a 12% to 14% increase in annual growth for India’s private healthcare market, which is currently valued at around $48 billion.

Asia Healthcare will pay the $72 million for AINU through both primary and secondary investments.