private Equity firm General Atlantic has acquired majority stake in healthcare company Ujala Cygnus with an investment of over Rs 1,000 crore. Sources gave this information on Wednesday. Ujala Cygnus, which provides health services in North India, said in a statement on Wednesday that it has entered into a partnership with General Atlantic and under this agreement, General Atlantic will acquire a significant majority stake in the company. However, both the companies have not made any official comment on the exact size of this acquisition deal and the quantum of stake.
Deal made for more than 1000 crores
The majority stake has been acquired with an investment of over Rs 1,000 crore, sources said. According to the statement, “After this agreement, the company’s initial investors Eight Roads Ventures, Somerset Indus Capital and Evolution Capital have completely exited.”
The company increased its hospital network from 9 to 21.
General Atlantic will now play an active role in supporting Ujala Cygnus with its expansion plans, leveraging its expertise in thoughtfully enhancing its value-added capabilities and healthcare platforms. Ujala Cygnus Chairman and Director Prabal Ghoshal said the company has expanded its hospital network from nine to 21 in 17 cities across five states since 2018 and the bed capacity has increased from 1,000 to more than 2,500. Shantanu Rastogi, managing director and head of India at General Atlantic, expressed hope in the statement that after this deal, Ujala Cygnus will emerge as a leading platform for affordable healthcare in North India.
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