Aster DM Healthcare Divides GCC and India Ventures, Fajr Capital-Led Consortium Acquires Majority GCC Stake

UAE, 04 April, 2024 : Aster DM Healthcare has successfully divided its GCC and India businesses into separate entities, with a consortium led by Fajr Capital acquiring a controlling 65 percent stake in Aster GCC for a notable $1 billion valuation. Dr. Azad Moopen, the company's founder chairman, maintains a significant 35 percent ownership stake alongside operational control. Heading the GCC arm is Alisha Moopen, who assumes the roles of managing director and group CEO.

This strategic separation aims to exploit growth prospects within the GCC region. Plans include the launch of Medcare Royal Hospital in Al Qusais, UAE, and an ambitious expansion of Aster Pharmacy in Saudi Arabia, with projections to establish 180 new retail stores over the next three to five years. Furthermore, Aster Sanad Hospital in Riyadh is set to increase its bed capacity.

Simultaneously, Aster's India operations are gearing up for substantial growth, with plans to invest $102-108 million to add 1,500 beds by 2027. The company's trajectory reflects its evolution from a single clinic in Dubai in 1987 to a formidable presence with 15 hospitals, 117 clinics, and 285 pharmacies across the UAE, Saudi Arabia, Oman, Qatar, and Bahrain. This decision to split the GCC and India arms follows board approvals secured in November 2023, with Aster shareholders greenlighting the plan in January 2024.

Source : www.agbi.com