Adani Group is now gearing up for a larger play in healthcare. Its flagship entity Adani Enterprises has set up a100% subsidiary, Adani Health Ventures, to run medical and diagnostic laboratories, research centres and other healthcare related activities in India.
The move pits Adani Group, India’s third largest conglomerate in terms of market cap, against the Tata Group and Reliance Industries that have made significant investments in the healthcare space. Adani was recently in news for its foray into the cement sector through the acquisition of Holcim’s India assets.
It is expected by observers that the Ahmedabad-based conglomerate will acquire diagnostic laboratories and pharmacy retail chains to propel its healthcare play, in line with the strategy it has followed to enter new areas, The group has made more than 30 acquisitions, valued at over $17 billion, in the past year, according to a recent report.
All the three Indian conglomerates have a presence in healthcare through their foundations that run hospitals. In a regulatory filing, Adani Enterprises, which incubates new businesses for the group, said the May 17 incorporated healthcare entity will commence its business operations in due course. It has already taken baby steps in this area by acquiring a minority stake in an Israeli startup, Forsight Robotics, for $20 million, in April this year. Forsight is a platform designed for eye surgeries.
