Adani Group on Wednesday announced its foray into the health care space. In an exchange notification, Adani Enterprises said it has incorporated a wholly-owned subsidiary, Adani Health Ventures (AHVL), for this purpose.
AHVL will carry out the business of healthcare-related activities like setting up of medical and diagnostic facilities, research centres, it said.
In the filing, the group said Adani Health Ventures was incorporated on Tuesday with an initial authorised and paid-up share capital of Rs 1 lakh each, “to carry on the business of healthcare related activities including, inter alia, setting up, running, administering medical and diagnostic facilities, health aids, health tech based facilities, research centres and to do all other allied and incidental activities in this regard”.
AHVL will commence its business operations “in due course”, it added.
Reports suggest that Gautam Adani, founder and chairman of the Adani Group, is planning investments in the space that may include acquiring hospital and diagnostic assets. The group is also interested in entering the pharmacy space, through both online and offline routes, reports have claimed. Since 2014, the Adani Group has made 30 acquisitions in different sectors.
The group has been on an acquisition spree of late, having acquired Holcim’s stake in cement majors Ambuja Cement and ACC recently. It is already a dominant player in infrastructure sectors like ports, airports, power.
According to the India Brand Equity Foundation (IBEF) the Indian health care sector is expected to be worth $372 billion by year end.