After consolidating presence in almost all West Asian countries, $220-million KIMS Global (Kerala Institute of Medical Sciences Global) is readying to make its debut in Africa. It will partner with the $13.1-billion MNC business conglomerate Dangote in Nigeria to get a foothold in the African healthcare business. “The Nigerian foray would be a part of the social sector initiatives of Dangote group that mandates free healthcare even in remote regions of Africa,” says a senior official of KIMS Global. Last week, Dangote Group president and CEO Aliko Dangote and Ayoki Fabricon managing director Ganesh Kumar had held parleys on the details of Nigerian healthcare initiative with KIMS Global chairman MA Sahadulla. The healthcare expertise of KIMS Global would be harnessed in providing free healthcare to African citizens through the initiatives of Dangote Group. According to a survey by an NGO Governance Advancement Initiative for Nigeria (GAIN), Dangote Group was recently identified as Nigeria’s best CSR company.
“The details are yet to be worked out. Only preliminary plans have been made,” EM Najeeb, director, KIMS Global, told FE, without denying that a business understanding has been formed between the two groups. Besides Singapore’s sovereign fund Temasek Holdings and US-based private equity fund TPG Capital HP, private equity fund True North (formerly India Value Fund Advisors) had been in talks to buy the controlling stake in KIMS Global. Seven years ago, Ascent Capital and OrbiMed Advisors had acquired combined stakes of 40% in KIMS, which they have opted to divest.
