Aster DM Healthcare Completes Merger with Quality Care India, Creating a 39-Hospital Network
Aster DM Healthcare has officially completed its merger with Blackstone-backed Quality Care India Limited (QCIL), forming one of India's largest integrated private hospital networks. The combined entity, now operating as Aster DM Quality Care Limited,
Aster DM Healthcare has officially completed its merger with Blackstone-backed Quality Care India Limited (QCIL), forming one of India’s largest integrated private hospital networks. The combined entity, now operating as Aster DM Quality Care Limited, brings together four established healthcare brands — Aster DM, CARE Hospitals, Evercare and KIMSHEALTH — under a single organisation.
The merged network comprises 39 hospitals across 28 cities in 9 states, with a combined capacity of over 10,625 beds, positioning it among the top 3 hospital chains in India by scale. The combined entity is supported by more than 36,300 employees and clinicians.
According to company disclosures, the merged entity reported combined FY26 revenue of ₹9,273 crore and an EBITDA margin of 21.7%.
The merger, first announced in November 2024, was completed through a share-swap arrangement after receiving shareholder and regulatory approvals. Under the agreed swap ratio, Aster shareholders hold 57.3% and QCIL shareholders hold 42.7% in the merged entity, which is jointly controlled by Aster promoters and Blackstone, holding 24.0% and 30.7% ownership respectively. TPG has also been a backer of the underlying Quality Care India business.
As part of the leadership structure, Dr. Azad Moopen continues as Executive Chairman, while Varun Khanna, previously Group MD of Quality Care, has been appointed Managing Director and Group CEO of the merged entity.
“The coming together of Aster and Quality Care as a single enterprise marks a defining milestone in our journey to build one of India’s most trusted and future-ready healthcare institutions,” said Dr. Azad Moopen, Executive Chairman, Aster DM Quality Care.
The combined company said its focus going forward will be on expanding specialist healthcare, advanced treatment and medical technology in India’s fast-growing Tier 2 and Tier 3 cities.
Industry observers note that the deal reflects a broader consolidation wave sweeping India’s hospital sector, alongside Manipal Hospitals‘ approximately ₹6,300 crore acquisition of Sahyadri Hospitals and KKR’s reported ~$1.4 billion move for Medicover India.
