An Ahmedabad-based investment firm,Addlife Investments Private Limited,has acquired a 82% stake in Sterling Hospitals,that operates a chain of hospitals in Gujarat. This stake has been bought for an undisclosed amount from Actis,a global private equity firm.
Actis invested in the Indian healthcare chain in 2006. “As per the deal,Actis is in the process of selling its 82% shareholding in Sterling to Addlife Investments Private Limited,” stated a release here. Incidentially,Addlife Investments is a firm promoted by the Girish Patel,the current chairman of the Sterling Hospitals.
“There is a non-disclosure agreement,so we cannot disclose the size of the deal,” said Rajiv Sharma,CEO of Sterling Hospitals.
“Girish Patel,will continue as the hospital chain,” the release added. Commenting on the takeover,Mr Patel said,Actis has helped Sterling professionalize,accelerate growth and create a pan- Gujarat healthcare platform. I intend to build on this foundation and turn Sterling into a leading healthcare player on a national scale.