Dubai: Aster DM Healthcare plans to step up investments and expansion in India and may consider strategic fundraising after the completion of its merger with Quality Care India (QCIL), as the hospital chain sharpens focus on its fastest-growing market after separating its GCC business two years ago.
“India is now our largest growth market, and we plan to invest aggressively over the next three years,” founder-chairman Azad Moopen said. The demerger of India and the GCC businesses has enabled sharper capital allocation, faster decision-making, and clearer strategic direction, he said.
“Better allocation of resources for growth post demerger allows us to scale more aggressively in underserved regions.”
The India-listed company plans to invest about ₹2,300 crore to add 2,368 beds through a mix of greenfield projects and select acquisitions over the next few years, expanding beyond its stronghold markets of Kerala and Karnataka. “Of that, around ₹350 crore has already been invested in key projects as of September last year,” said Moopen, who started the business in 1987 with Al Rafa Poly Clinic in Dubai.
On funding plans, Moopen said the company will continue to evaluate capital requirements. “After the merger and business separation, we would consider strategic capital raises if they align with our investment priorities and shareholder value creation.”
Currently, Aster has more than 918 facilities, including hospitals, clinics, pharmacies, and diagnostic centres, across seven countries.
India expansion and merger
While the company’s expansion will be concentrated in core southern markets, it also plans to enter new states with its proposed merger, broadening its national footprint. “The merger paves the way for us to expand into new markets… increasing our reach into states like Madhya Pradesh, Odisha, Chhattisgarh and Tamil Nadu,” said Moopen.
Aster’s merger with Blackstone-backed QCIL, which houses KIMS Health and CARE hospitals, would create one of India’s top three hospital chains by revenue and bed capacity, according to the company.
The merged platform, to be called Aster Quality Care that will combine four brands-Aster DM, CARE Hospitals, KIMS and Evercare-will aim to increase capacity to around 14,710 beds over the coming years, from 10,265 beds currently.
Key additions include two new hospitals in Bengaluru with capacities of 430 and 500 beds, expansion at Aster CMI Hospital and Aster Whitefield, a new 454-bed hospital in Thiruvananthapuram and a 100-bed expansion at Aster Medcity in Kochi.
GCC strategy
Aster’s GCC business, led and operated by the Moopen family with strategic backing from the Fajr Capital-led consortium, is also eyeing “ambitious” regional expansion.In fact, the company with operations in the UAE, Saudi Arabia, Oman, Qatar and Bahrain, is evaluating potential listings in the UAE and Saudi Arabia.
“We continue to evaluate strategic opportunities for growth, including potential listings…remain open to exploring capital-market options that support long-term expansion plans,” said Moopen, without confirming a specific timeline.
“We are strongly focused on strengthening our footprint across key GCC markets, particularly Saudi Arabia and the UAE, while enhancing access to high-quality care across both physical and digital channels,” said Moopen.
The company aims to invest about $250 million over the next two to three years in the Saudi Arabian market, covering hospitals, clinics and pharmacies.
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