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Sector record: Desai & Diwanji operate Olympus Rs 500 cr PE healthcare buy in DM Health with Universal, DSK

Private hospitals: Good business
Private hospitals: Good business
Exclusive: Desai & Diwanji advised private equity house Olympus Capital Asia Investments in its purchase of over Rs 500 crore ($100m) in DM Healthcare, which was advised by Universal Legal’s Chennai office, with the exiting investors India Value Fund represented by DSK Legal.

Desai & Diwanji Mumbai partner Apurva Diwanji, associate partner Siddhartha Mody and associate Ayesha Rai acted for Olympus Capital, which is a Asia-focused leading middle market private equity firm founded in 1997.

Chennai-based Universal Legal partner Kavita Vijay provided legal assistance to DM Healthcare.

DSK partner Narendra Dingankar advised India Value Fund, which had invested $50m in DM Healthcare for a 22 per cent stake four years ago and now disposed of part of its investment to Olympus.

This was the biggest private equity investment in the private healthcare sector in India, reported VCCircle.

DM Healthcare had revenues of Rs 1,200 crore and runs the largest hospital, clinic and pharmacy-network in the United Arab Emirates (UAE). It also has operations in Qatar, Oman and Saudi Arabia and operates several hospitals in Indian tier 2 and 3 cities.


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