The Competition Commission of India (CCI) has officially approved the proposed transaction involving a strategic merger between Aster DM Healthcare, Quality Care India Limited (QCIL), and investment entities BCP Asia and Centella Mauritius Holdings. The deal marks a significant consolidation move in India’s healthcare sector.
Details of the Transaction
The transaction includes the merger of QCIL into Aster DM Healthcare by way of a scheme of amalgamation. Following the merger, the newly combined entity will be renamed Aster DM Quality Care Limited.
As part of the transaction, Aster DM Healthcare will acquire a 5% stake in QCIL from BCP Asia and Centella in exchange for a primary share issuance. Post-merger, Centella will hold less than 10% of the merged entity and will not possess any control rights. Other QCIL shareholders, including BCP and minority investors, will retain stakes in the new company.
Key Entities Involved
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Aster DM Healthcare: A major healthcare service provider in India with 19 hospitals (4,867 beds), 13 clinics, 215 pharmacies, and 232 diagnostic and patient experience centers across six Indian states. Aster is part of the larger Aster Group.
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Quality Care India Limited (QCIL): An unlisted public company operating the well-known brands CARE Hospitals, KIMS Health, and Evercare. QCIL’s network includes over 5,150 beds across 26 healthcare centers in 14 cities, offering more than 30 specialties with a medical team of 2,500+ doctors.
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BCP Asia: A company owned by funds managed by affiliates of global private equity firm Blackstone Inc.
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Centella: Owned and controlled by an entity advised by affiliates of TPG Inc., another global investment giant.
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Strategic Impact
The merger is expected to strengthen Aster’s footprint in the Indian healthcare market, enhance operational scale, and unlock synergies in clinical services, infrastructure, and technology. The combined network will be one of India’s largest private healthcare providers by bed count and geographical spread.
A detailed order from the Competition Commission is expected to be released in due course.
