KKR in Advanced Talks for $1 Bn Stake in Medicover India Hospital Biz

Global investment firm KKR is in advanced talks to acquire a majority stake in Medicover Hospitals India for at least $1 billion, according to Reuters. Sweden's Medicover confirmed discussions regarding a potential sale of its Indian operations in a press release.

The proposed deal marks a substantial expansion for KKR in the country's healthcare sector. The report cited a source who said that "discussions are ongoing and a non-binding agreement has been reached."

Structure of the Deal

Sweden's Medicover owns a 66.9% stake in its Indian unit. KKR is seeking to acquire the firm's entire holding for at least $1.05 billion, while also holding discussions with minority shareholders.

Despite the acquisition talks, Medicover is continuing its preparations for an Indian initial public offering. The company said there is no certainty the discussions with KKR will result in a completed transaction.

Rothschild is advising on the sale process, and Kotak is advising KKR, as per the report.

Medicover entered India in 2016 and operates a network of 26 hospitals with approximately 6,000 beds. The Indian business accounts for more than half of the group's global hospital portfolio.

The local unit reported an annual revenue of $234.6 million in 2025, up nearly 1% year-on-year (YoY), according to the report.

In the domestic market, Medicover competes with established healthcare chains such as Apollo Hospitals, Aster Hospitals and Fortis Healthcare.

KKR has steadily increased its healthcare investments across the country. In 2024, the firm acquired a controlling stake in a Kerala-based hospital chain and has since backed the group's expansion.

India's hospital sector is undergoing active consolidation. Rising incomes, expanding health insurance coverage, and a growing demand for quality care are driving capacity expansion across the industry, Reuters reported.