Aster DM Healthcare

Last updated

Aster DM Healthcare Limited
FormerlyDr. Moopen's Clinic
Company type Public
BSE:  540975
NSE:  ASTERDM
ISIN INE914M01019
Industry Healthcare
Founder Azad Moopen
Headquarters
Area served
Worldwide
Products Hospitals, Pharmacy, Diagnostic centres
RevenueIncrease2.svg₹11,933 crore (US$1.4 billion) (FY23) [2]
Increase2.svg₹1,565 crore (US$180 million) (FY23) [2]
Decrease2.svg₹425 crore (US$50 million) (FY23) [2]
Total assets US$3.81 billion (2023) [3]
OwnerMoopen family (41.88%) [4]
Number of employees
32,400 (2022) [5]
Subsidiaries Aster Medcity, Medcare Hospital, Access Clinic, Aster Pharmacy, Aster Labs, Dr. Moopen's Medical College
Website asterdmhealthcare.com

Aster DM Healthcare Limited is a multinational for-profit private hospital network founded by Dr. Azad Moopen in 1987. The company has its corporate headquarters in Dubai, UAE, and is registered in Bengaluru, India. Aster DM Healthcare currently operates hospitals, medical centres, diagnostic centres, laboratories and pharmacies in six GCC countries and India. The corporation works in a variety of economic sectors through its brands Aster, Medcare, and Access. [6] [5]

Contents

History

Aster DM Healthcare was founded in 1987 in Dubai, the United Arab Emirates, by Azad Moopen, [7] a doctor turned entrepreneur. The company is a private sector healthcare provider in the Middle East. The India registered healthcare conglomerate covers an array of healthcare verticals, including hospitals, clinics, pharmacies and healthcare consultancy service.

In May 2011, Aster DM Healthcare opened its first medical centre in Sharjah, United Arab Emirates. The new centre was officially inaugurated by the veteran Indian play back singer K. J. Yesudas and various guests from the Government of Sharjah and Ministry of Health. [8]

In February 2013, Aster DM Healthcare announced the interest of investing in the Philippines' healthcare sector. Initially, the company would start with the establishment of pharmacies and possibly hospitals in the later time. Moopen told reporters in a press conference for the launch of the DM Healthcare Foundation Philippines Inc., which is providing free paediatric cardiac surgery to at least 50 Filipino children in two years. [9] In December, they launched its fifth Access Clinic in Jebel Ali Free Zone, or Jafza South, aimed at catering to the day-to-day healthcare needs of the employees in the neighbourhood. [10]

Aster Medcity in Kochi Aster Medcity Hospital Entrance.jpg
Aster Medcity in Kochi

In April 2014, the company announced the plans to establish help desks in Oman for 2 separate campuses of Aster Medcity, South Asia's largest quaternary care hospitals being set up in Kochi and Thiruvananthapuram in Kerala, India. [11]

In November 2014, Aster DM Healthcare finalized Bank of America Merrill Lynch, Goldman Sachs and Kotak Mahindra Bank to manage its Rs 1,200-crore initial public offering (IPO). [12]

In March 2015, the cricketer Sachin Tendulkar opened Aster DM Healthcare's 150th pharmacy in Abu Dhabi. [13] Sachin Tendulkar was the brand ambassador of Aster Pharmacy and CSR activities. [14] [15] [16]

In October 2015, Aster DM Healthcare raised its ownership stake to 97% in Saudi's Sanad Hospital. [17] [18]

In August 2016, the company took over Kavery Medical Institute, Bangaluru, upgraded and renamed it as Aster CMI Hospital, Bangaluru. The facility has 509 beds and multiple centers of excellence. It was inaugurated by cricketer Sachin Tendulkar on 27 August 2016. [19]

In February 2018, Aster DM launched its initial public offering (IPO) and got listed on the Indian stock exchanges. [20]

In August 2021, Aster DM Healthcare announced further expansion plans in India. Moopen told the PTI that the company would invest about Rs 235 crore in India to add 411 hospital beds in the next 18 months. [21] As of June 2022, Aster DM Healthcare operates 16 hospitals in India. [22] [23]

In February 2022, Aster signed an agreement with Novartis to collaborate on digital transformation and clinical research. [24] [25]

In March 2022, the company entered into a partnership with Siemens Healthineers for technology upgradation and digital optimization in its GCC and UAE facilities. [26]

In March 2022, Aster opened an AI research lab at the Indian Institute of Science campus in Bengaluru. According to Aster DM Healthcare, initially the focus of the facility would be research and development of AI tech for neurology. [27] [28]

On 10 December 2022, on its 35th anniversary, the company announced that its healthcare facilities in the United Arab Emirates had increased to 455 units. [29] [6]

In November 2023, Aster declared its intention to separate its GCC and India business operations, pending approval from Aster India's shareholders and regulatory and corporate authorities. [30]

In January 2024, the separation plan was approved. [7] [31] In April 2024, A consortium of investors led by Fajr Capital acquired a 65% stake in Aster GCC, and the Moopen family retained 35%, along with management and operational rights. [32] In the Indian operations, the Moopen family maintained a 41.88% stake. [33] Affinity Holdings, a wholly-owned subsidiary of the company, has received USD 907.6 million from the transaction. [31]

Investors

In 2012, Olympus Capital Holdings Asia bought a minority stake in Aster DM Healthcare for about $100 million. The company did not reveal the size of the acquired stake. However, they announced that Olympus Capital Holdings is now Aster DM Healthcare's largest external investor and that its nominees will join the company's board. [34] In May 2014, Olympus Capital Holdings Asia invested another $60 million into the company. [35]

In January 2024, group of investors lead by the sovereign-backed private equity firm Fajr Capital purchased a 65% share in Aster GCC. [32] The Moopen family kept a 35% share in the company along with management and operating rights. In the Indian operations, the Moopen family still owns 41.88% of the business. [31] [33]

Subsidiaries

Aster MIMS in Kannur Aster MIMS Kannur.jpg
Aster MIMS in Kannur

The company has 9 subsidiaries and 67 stepdown subsidiaries and 4 associate companies, [6] including:

Aster Volunteers

See also

Related Research Articles

<span class="mw-page-title-main">Apollo Hospitals</span> Indian hospital chain

Apollo Hospitals Enterprise Limited is an Indian multinational healthcare group headquartered in Chennai. It is the largest for-profit private hospital network in India, with a network of 71 owned and managed hospitals. Along with the eponymous hospital chain, the company also operates pharmacies, primary care and diagnostic centres, telehealth clinics, and digital healthcare services among others through its subsidiaries.

<span class="mw-page-title-main">HLL Lifecare</span> Company in Thiruvananthapuram, India

HLL Lifecare Limited (HLL) is an Indian healthcare product manufacturing company based in Thiruvananthapuram, Kerala, India. It is a Government of India-owned corporation.

<span class="mw-page-title-main">St. Joseph's Boys' Higher Secondary School, Kozhikode</span> School in Kozhikode, Kerala, India

St. Joseph's Boys' Higher Secondary School is a Government Aided Catholic secondary school for boys located in Kozhikode, in the state of Kerala, India. Established by the Jesuits in 1793, it is one of the oldest educational institutions in India and the oldest school in Kerala.

<span class="mw-page-title-main">B. R. Shetty</span> Indian businessman

Dr Bavaguthu Raghuram Shetty, commonly known as B.R. Shetty, is an Indian-born businessman and former billionaire, the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi–based NMC Health, Neopharma, BRS Ventures, and Finablr.

The Kerala Gulf diaspora refers to the people of Kerala living in the West Asian Arab states of the Persian Gulf. A report presented in 2014, estimates that 90 percent of Kerala's 2.36 million-strong diaspora resides in the Middle East. Nearly 80 percent of Indians living in Kuwait are from Kerala according to the 2008 survey commissioned by the Department of Non-resident Keralite Affairs.

<span class="mw-page-title-main">Nimmagadda Prasad</span> Indian businessman

Nimmagadda Prasad is an Indian industrialist from Andhra Pradesh, India. He is known for his ventures in the Pharmaceutical and Television industries, and is involved in philanthropic activities through Nimmagadda Foundation.

<span class="mw-page-title-main">Azad Moopen</span> Indian physician

Azad Moopen is an Indian healthcare entrepreneur. He is the developer of many healthcare facilities in Asia-Pacific. He is also the chairman and managing director of Aster DM Healthcare, a healthcare conglomerate in the Middle East and India founded in 1987.

<span class="mw-page-title-main">Max Healthcare</span> Indian multi-specialty hospital chain

Max Healthcare Institute Limited is an Indian for-profit private hospital chain headquartered in Delhi. As of 2024, Max Healthcare operates 19 hospitals with more than 4,000 beds, primarily in North India.

<span class="mw-page-title-main">Medanta</span> Private Hospital in India

Global Health Limited, d/b/a Medanta, is an Indian for-profit private hospital network based in Gurgaon. The chain was started in 2009 by cardiac surgeon Naresh Trehan and Sunil Sachdeva.

<span class="mw-page-title-main">Mankind Pharma</span> Indian pharmaceutical and healthcare products company

Mankind Pharma is an Indian multinational pharmaceutical and healthcare product company, headquartered in Delhi. The company has products in therapeutic areas ranging from antibiotics, to gastrointestinal, cardiovascular, dermal, and erectile dysfunction medications.

<span class="mw-page-title-main">Sachin Bansal</span> Indian entrepreneur

Sachin Bansal is an Indian entrepreneur. He is best known as the founder of Flipkart During his over 11 year career at Flipkart, Bansal was CEO and chairman. In 2018, Bansal exited Flipkart following the Walmart deal.

<span class="mw-page-title-main">Fajr Capital</span>

Fajr Capital is a sovereign-backed private equity firm, with a focus on strategic high-growth sectors in key Organisation of Islamic Cooperation (OIC) markets. Headquartered in the Dubai International Financial Centre, Fajr Capital has a diverse portfolio consisting of businesses operating in over 10 key MENA and ASEAN markets, including: Brunei Darussalam, Egypt, Malaysia, Oman, Saudi Arabia, Turkmenistan and United Arab Emirates.

<span class="mw-page-title-main">Aster Medcity</span> Hospital in Kerala, India

Aster Medcity is a quaternary care healthcare centre in the city of Kochi and one of the largest in South India. It is the flagship hospital of Aster DM Healthcare, a healthcare conglomerate founded by Azad Moopen. This was the third venture of the group in Kerala, after Aster MIMS and DM Wayanad Institute of Medical Sciences (DMWIMS).

<span class="mw-page-title-main">Thyrocare</span> Indian medical diagnostic company

Thyrocare Technologies Limited is an Indian multinational chain of diagnostic and preventive care laboratories, headquartered in Navi Mumbai. As of 2021, the company has a total of 1,122 outlets and collection centers across India and parts of Nepal, Bangladesh and the Middle East.

<span class="mw-page-title-main">Metropolis Healthcare</span> Indian multinational diagnostic lab company

Metropolis Healthcare, also known as Metropolis Labs, is an Indian multinational chain of diagnostic labs, with its central laboratory in Mumbai, Maharashtra. Metropolis Healthcare has a chain of 124 clinical laboratories and 2400 collection centers across 7 countries including India. The healthcare company was founded in 1980. The company went public in April 2019.

<span class="mw-page-title-main">C. J. George</span>

Chenayappillil John George is an Indian businessman and philanthropist. He is the founder and managing director of Geojit Financial Services.

On 16 August 2018, severe floods affected the south Indian state Kerala, due to unusually heavy rainfall during the monsoon season. It was the worst flood in Kerala in nearly a century. Over 483 people died, and about one million people were evacuated, mainly from Chengannur, Pandanad, Edanad, Aranmula, Kozhencherry, Ayiroor, Ranni, Pandalam, Kuttanad, Malappuram, Aluva, Chalakudy, Thrissur, Thiruvalla, Eraviperoor, Vallamkulam, North Paravur, Chendamangalam, Chellanam, Vypin Island, and Palakkad. All 14 districts of the state were placed on red alert. According to the Kerala government, one-sixth of the total population of Kerala was directly affected by the floods and related incidents. The Indian government declared it a Level 3 Calamity, or "calamity of a severe nature". It is the worst flood in Kerala after the great flood of '99 that took place in 1924.

<span class="mw-page-title-main">EaseMyTrip</span> Indian multinational online travel company

EaseMyTrip is an Indian multinational online travel company, headquartered in New Delhi, India. It was founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti. The company provides hotel bookings, air tickets, domestic and international holiday packages, bus bookings, and white-label services. EaseMyTrip has overseas offices in Singapore, UAE and Thailand with country-specific websites for UAE, UK and Thailand.

<span class="mw-page-title-main">Manipal Hospitals</span> Indian hospital chain

Manipal Health Enterprises, commonly known as Manipal Hospitals, is an Indian for-profit private hospital network headquartered in Bangalore, Karnataka. The hospitals trace their origins to the Kasturba Medical College, founded by T. M. A. Pai in 1953. Manipal Hospitals is the second largest healthcare provider in India, with a network of 33 hospitals. Manipal Hospitals is part of the Manipal Education and Medical Group.

<span class="mw-page-title-main">Flipkart Health+</span> Indian e-commerce health platform

Flipkart Health+, is a e-commerce platform dealing in healthcare, online pharmacy, diagnostics and e-consultation in India. The company was co-founded in 2013, by Banwari Lal Mittal and Ravi Kant Sharma with the name SastaSundar Healthbuddy in Kolkata. On 1 April 2022 Flipkart acquired a majority stake in SastaSundar making it a Walmart-owned company.

References

  1. ↑ "Aster DM shifts registered office from Kerala to Karnataka". Pharmabiz. Retrieved 14 July 2023.
  2. 1 2 3 "Aster DM Healthcare's Q4 PAT drops 24% to ₹171 crore". The Hindu Businessline. 26 May 2023. Retrieved 14 July 2023.
  3. ↑ "Financials".
  4. ↑ "Dr Azad Moopen's family picks up 4% more stake in Aster DM Healthcare". Moneycontrol. 28 March 2023. Retrieved 16 July 2023.
  5. 1 2 "Aster Labs Expanding Its Stronghold in India". www.businesswireindia.com. Retrieved 22 September 2022.
  6. 1 2 3 "Aster DM Healthcare Ltd". Business Standard India. Retrieved 22 September 2022.
  7. 1 2 "Aster DM Healthcare concludes separation of GCC & India businesses". MedEdge. 4 April 2024. Retrieved 27 December 2024.
  8. ↑ "DM Healthcare's Aster brand debuts in Sharjah". TadeArabia. 16 May 2011. Archived from the original on 14 July 2014. Retrieved 19 June 2014.
  9. ↑ "Middle East Health Care Provider Keen on Investing in RP". Manila Bulletin . 13 February 2013. Retrieved 19 June 2014.
  10. 1 2 "Aster Launches Access Clinic in Jafza". Khaleej Times . 12 December 2013. Archived from the original on 15 November 2018. Retrieved 19 June 2014.
  11. ↑ "Aster DM Healthcare to Start Helpdesks in Oman". The Week . 24 April 2014. Archived from the original on 24 September 2015. Retrieved 19 June 2014.
  12. ↑ Zachariah, Reeba; Kurian, Boby (4 November 2014). "Aster Health lines up 3 banks for Rs 1,200 crore IPO". India Times . Retrieved 30 March 2015.
  13. ↑ Iyer, Srinivasan (23 March 2015). "Sachin Tendulkar enthrals fans in Abu Dhabi as Aster DM Healthcare announces IPO plans". The National. Retrieved 30 March 2015.
  14. ↑ "Sachin Tendulkar, UAE healthcare offer over Rs 1 crore for needy in India | Latest News & Updates at Daily News & Analysis". dna. 25 March 2015. Retrieved 16 January 2017.
  15. ↑ "PUSH Integrated Communication Pvt Ltd". pushintcom.com. Retrieved 16 January 2017.
  16. ↑ "Sachin Tendulkar and Aster offer Rs 1.69 crore for needy". NRICafe.com. 31 March 2015. Retrieved 16 January 2017.
  17. ↑ "Aster DM takes stake in Saudi hospital". MEED. 19 October 2015. Retrieved 22 September 2022.
  18. ↑ "Aster DM Healthcare takes majority stake in Sanad Hospital". Arab News. 20 October 2015. Retrieved 22 September 2022.
  19. ↑ "25 years after coma, hospital revival on". Bangalore Mirror. Retrieved 22 September 2022.
  20. ↑ Sneh Susmit (6 February 2018). "Aster DM to launch IPO on 12 February, sets price band at Rs180-190 per share". Live Mint . Retrieved 6 February 2018.
  21. ↑ PTI (15 August 2021). "Aster DM Healthcare to invest Rs 235 crore to add 411 beds in India". www.thehindubusinessline.com. Retrieved 22 September 2022.
  22. ↑ "Aster DM Healthcare to set up its 6th Hospital in Kerala". www.zawya.com. Retrieved 22 September 2022.
  23. ↑ "Aster DM Healthcare to open a 550-bed super-specialty hospital in Indian State Kerala's capital city". www.zawya.com. Retrieved 22 September 2022.
  24. ↑ S, Amirtha P. (February 2022). "Aster ties up with Novartis on digital transformation & clinical research - GCC Business News". www.gccbusinessnews.com. Retrieved 22 September 2022.
  25. ↑ Bhat, Divsha (1 February 2022). "UAE's Aster, Novartis sign MoU to advance digital transformation, clinical research". Gulf Business. Retrieved 22 September 2022.
  26. ↑ Reporter, A. Staff. "Aster DM Healthcare and Siemens Healthineers to advance healthcare innovation in UAE, GCC". Khaleej Times. Retrieved 22 September 2022.
  27. ↑ "Aster CMI Hospital opens AI lab with Indian Institute of Science". Healthcare IT News. 20 March 2022. Retrieved 22 September 2022.
  28. ↑ "Aster CMI hospital and IISc. to launch artificial intelligence lab in Bengaluru". The Hindu. 19 March 2022. ISSN   0971-751X . Retrieved 22 September 2022.
  29. ↑ "Watch: From one clinic to 455 health care facilities - Aster's Azad Moopen marks 35 years in UAE". gulfnews.com. 12 December 2021. Retrieved 22 September 2022.
  30. ↑ Staff, Arabian Post (28 November 2023). "Aster to separate GCC, India businesses". Arabian Post. Retrieved 29 November 2023.
  31. 1 2 3 "Aster DM Healthcare concludes separation of India and GCC businesses". Business Standard. 3 April 2024. Archived from the original on 24 May 2024. Retrieved 27 December 2024.
  32. 1 2 "Aster DM Healthcare shares surge 12% as separation of India and GCC biz concludes". Business Today. 4 April 2024. Retrieved 27 December 2024.
  33. 1 2 Pilla, Viswanath (3 April 2024). "Aster DM completes separation of Gulf business, plans to add 1,700 beds in India in next 3 years". The Economic Times. ISSN   0013-0389 . Retrieved 27 December 2024.
  34. ↑ Joshi, Ashutosh (18 January 2012). "Olympus Capital Buys DM Healthcare Stake for $100 Million". The Wall Street Journal . Retrieved 19 June 2014.
  35. ↑ Cheung, Sonja (14 May 2014). "Asian Private Equity Fund Face Pressure to Invest Capital Hoard". The Wall Street Journal. Retrieved 19 June 2014.
  36. ↑ "Medcity — A big relief for advanced stage patients". Khaleej Times. 10 November 2014. Retrieved 4 July 2015.
  37. ↑ "VIRTUAL TOUR: How the UAE's Medcare digitally transformed during the pandemic". Healthcare IT News. 10 June 2022. Retrieved 22 September 2022.
  38. ↑ "Aster DM Healthcare to Launch three New Hospitals in UAE". www.marketscreener.com. 30 January 2014. Retrieved 22 September 2022.
  39. ↑ "Aster Pharmacy bags the SKEA Awards for the second time". Khaleej Times. Retrieved 22 September 2022.
  40. ↑ "Outlook India Magazine Online- Read News India, Latest News Analysis, World, Sports, Entertainment | Best Online Magazine India". Outlook India. Retrieved 22 September 2022.
  41. ↑ "Dr Moopen's College On Revamp Mode". The Times of India. 3 April 2022. Retrieved 22 September 2022.
  42. ↑ "Medical college in Wayanad soon". The Times of India. 8 April 2012. Retrieved 22 September 2022.
  43. ↑ "Aster DM Healthcare unveils global volunteers programme to mark 30 years". Outlook India . 17 June 2017.
  44. ↑ "Aster Emergency App to provide medical during the 'Golden Hour'". ICT Flash.
  45. ↑ "UAE's Aster completes 255-home project for Keralite families hit by 2018 floods in India". gulfnews.com. 27 August 2022. Retrieved 30 September 2022.
  46. ↑ "Aster builds 255 Aster Homes for Kerala flood victims". English.Mathrubhumi. 29 August 2022. Retrieved 30 September 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.