Dubai's Abraaj Group to buy majority stake in Care Hospitals

Abraaj Group, a Dubai-based private equity investor, said on Wednesday it plans to buy a majority stake in Quality CARE India Ltd, which runs CARE Hospitals, from global PE firm Advent International, marking the emerging markets-focused firm's latest investment in India.

CARE, which operates a multi-specialty chain of 16 hospitals across nine cities, plans to expand in "underpenetrated" regions of India, as well as enter other markets where Abraaj operates, the Dubai firm said in a statement.

Abraaj tied up with Aditya Birla Group in October to invest jointly in building and operating new solar power plants in the country.