Adani Enterprises (AEL) is marking its foray into the healthcare business by setting up a wholly-owned subsidiary, Adani Health Ventures (AHVL), that would start operations in the due course.
AHVL will have an initial authorised and paid-up share capital of Rs 100,000 (Rs 1 lakh) and would set up diagnostic facilities, health aids, health-tech based facilities and research centres. The firm would also have presence in other allied and incidental activities, AEL said in a regulatory update.
Further details of its healthcare plans were not disclosed.
This comes close on the heels of the firm’s recent foray into cement business, with the acquisition of Switzerland-based Holcim Group’s Indian subsidiaries. Earlier on Sunday, Adani family signed definitive agreements to acquire Holcim’s entire stake in Ambuja Cements and ACC for about $10.5 billion.
On May 13, AMG Media Networks, an AEL entity, entered into an agreement to pick up a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media (QBM) for an undisclosed sum. This followed a share purchase agreement AEL had entered in March, under which it acquired an unspecified minority stake in QBML.
In September 2021, Adani Group had hired veteran journalist Sanjay Pugalia to lead its media company, Adani Media Ventures.
India’s healthcare industry has been growing at an annual rate of about 22% since 2016, and is expected to reach $372 billion in 2022, according to a report by Niti Aayog. As per estimates by the National Skill Development Corporation, healthcare can generate 2.7 million additional jobs in India between 2017-22, adding more than 500,000 new jobs every year.
Adani Group has been on an acquisition spree and bought as many as 32 acquisitions in the past year valued at about $17 billion, according to data compiled by Bloomberg News. On Tuesday, International Holding Company PJSC, an Abu Dhabi-based investment company, said it invested Rs 15,400 crore ($2 billion) in three Adani portfolio companies, Adani Green Energy, Adani Transmission and Adani Enterprises.