Narendra Pandey, founder of the Asian Institute of Medical Sciences (AIMS) in Faridabad, is reportedly looking to buy back the 49% stake held by private equity investors in the hospital's holding company, Blue Sapphire Healthcare. The hospital, established 15 years ago by Pandey, is valued at an estimated ₹1,000-₹1,200 crore.
Pandey is in discussions with credit arms of Avendus, KKR, Kotak, and others to raise approximately ₹500 crore to finance the proposed buyout of stakes owned by British International Investment (BII) and Orbimed. Alvarez and Marsal are advising Pandey on the fundraising process.
This move comes amid a busy period of deal activity in the healthcare delivery sector, where valuations have been notably aggressive. Individual hospitals and smaller chains have been valued at multiples of 25-30 times their earnings. Industry sources suggest that Pandey aims to consolidate ownership and maintain control over the hospital’s future direction.
Earlier, BII and Orbimed had attempted to sell their holdings in AIMS to other private equity firms through a secondary sale last year; however, the deal did not proceed, reportedly due to high valuation expectations.
The development follows a wave of significant mergers and acquisitions in India’s healthcare sector this year, with notable transactions including Manipal Hospitals’ acquisition of the Sahyadri Hospitals chain for ₹6,400 crore and KKR’s ₹2,000 crore purchase of Kerala-based Baby Memorial Hospital.
