Dubai's Abraaj Group to buy majority stake in India's CARE Hospitals

PE investor to buy stake from Advent International; CARE plans to expand in underpenetrated regions and markets where Abraaj operates

Abraaj Group, a Dubai-based private equity (PE) investor, said today that it plans to buy a majority stake in Quality CARE India Ltd, which runs CARE Hospitals, from global PE firm Advent International, marking the emerging markets-focused firm's latest investment in India.

CARE, which operates a multi-specialty chain of 16 hospitals across nine cities, plans to expand in "underpenetrated" regions of India, as well as enter other markets where 

Abraaj operates, the Dubai firm said in a statement.

Abraaj tied up with India's Aditya Birla Group in October to invest jointly in building and operating new solar power plants in the country.