The Adani Group announced its entry into the healthcare industry on Wednesday. In an exchange announcement, Adani Enterprises announced that it has incorporated a wholly-owned subsidiary, Adani Health Ventures (AHVL), for this purpose.
AHVL will carry out the business of healthcare-related activities like setting up medical and diagnostic facilities and research centres, it said.
"Adani Health Ventures was incorporated on Tuesday with an initial authorised and paid-up share capital of ₹1 lakh each, "to carry on the business of healthcare-related activities including, inter alia, setting up, running, and administering medical and diagnostic facilities, health aids, health tech-based facilities, research centres and to do all other allied and incidental activities in this regard," an exchange filing noted.
Since 2014, the Adani Group has made 30 acquisitions in different sectors. Currently, it is a dominant player in several sectors such as ports, airports, power and others.
Adani Group is planning investments in the space that may include acquiring hospital and diagnostic assets.
The group is also interested in entering the pharmacy space, through both online and offline routes, reports have claimed.
According to IBEF, the Indian healthcare sector is expected to record a three-fold rise, growing at a CAGR of 22% between 2016–2022 to reach the US $372 billion in 2022 from the US $110 billion in 2016.
In the Economic Survey of 2022, India’s public expenditure on healthcare stood at 2.1% of GDP in 2021–22, compared to 1.8% in 2020-21 and 1.3% in 2019–20.
On the other hand, the Adani family on Monday made an open offer to acquire a 26% stake in each of its two listed firms, Ambuja Cements and ACC Ltd, from public shareholders for $6.5 billion, a day after announcing a $10.5 billion deal to acquire Holcim's India operations.
