KKR invested $400m to secure a controlling stake in HCG, one of India’s largest oncology providers. 

The firm will become HCG’s largest shareholder and take full operational control. It will initially buy up to 54% of HCG from CVC Asia V at INR 445 per share (around $5.43 per share). Next, an open offer under SEBI regulations will follow. This offer may boost KKR’s stake to between 54% and 77%.

Dr BS Ajaikumar, HCG’s founder, will now serve as Non-Executive Chairman. He said, “I want to thank CVC for their support through the years, helping the management to put HCG in the strong position it is in today. I am delighted to welcome KKR, with their investment and operational expertise in healthcare in India and globally, as a majority shareholder in HCG. Patient well-being and outcomes will always be a top priority for us at HCG, and in my new role as Non-Executive Chairman, I will focus on clinical aspects involving multi-disciplinary approach to cancer care, and research and development; and look forward to the journey of HCG where it continues to stay at the forefront of clinical excellence, research, and academics.”

Furthermore, Akshay Tanna, Partner and Head of India Private Equity at KKR, added, “HCG is a pioneer in cancer care in India and has established itself as an important healthcare provider in the country for the past three decades. As healthcare continues to be a thematic focus for KKR in India, our investment in HCG will support the development of medical infrastructure and the delivery of critical oncology services and care to more patients in the country. We look forward to leveraging KKR’s global healthcare expertise to strengthen HCG’s offerings and working with Dr. BS Jaikumar to further enhance HCG’s clinical excellence.”

KKR made this investment through its Asia Fund IV. Moreover, it follows significant moves in India’s healthcare sector. The deal will allow HCG to expand its network of 25 oncology centres in 19 cities. It also supports 2,500 beds, nearly 100 operating theatres, and 40 LINAC machines. The transaction should close by Q3 2025, subject to customary closing conditions and regulatory approvals.

In addition, Siddharth Patel and Amit Soni of CVC praised the partnership. They highlighted their long-standing support in building HCG into a leading healthcare organisation in India.