Selected transactions, 2024 to 2026
The table lists public examples of foreign investment in the sector. Amounts are as stated by each source; announced plans are not completed investments. Hospital buyouts and pharma capability bets lead the list.
| Company | Home country | What | Where | Value | Date | Source |
|---|---|---|---|---|---|---|
| KKR | United States | Agreed to buy Swedish group Medicover’s India hospital business: 24 hospitals with about 4,800 beds | India (hospital network) | €1.2 bn (USD 1.39 bn) | 6 Aug 2026 | Reuters via Yahoo Finance, 6 Aug 2026; Medical Buyer, 2026 |
| Blackstone | United States | Blackstone-backed Quality Care India (CARE Hospitals, KIMSHEALTH, Evercare) merged with Aster DM Healthcare, creating India’s third-largest hospital group by beds | India (hospital network) | Merger: 39 hospitals, 10,600+ beds | 2 Jul 2026 | Medical Buyer, 2026; Business Standard, 2 Jul 2026 |
| Eli Lilly | United States | New contract manufacturing in India and a new manufacturing and quality presence in Hyderabad, months after opening its capability centre there | Hyderabad, Telangana | Over USD 1 bn over several years | 6 Oct 2025 | ANI, 6 Oct 2025 |
| Sanofi | France | Expansion of its global capability centre in Hyderabad, creating over 2,600 jobs | Hyderabad, Telangana | €400 mn by 2030 (€100 mn by 2025) | 17 Jul 2024 | Sanofi India press release, 17 Jul 2024 |
| KKR | United States | Controlling stake (about 70%, per sources) in Baby Memorial Hospital, a 1,000-bed chain | Calicut and Kannur, Kerala | About ₹2,000 crore (reported) | 1 Jul 2024 | Business Standard, 1 Jul 2024 |
Note: Medicover (Sweden) appears as the seller in the KKR transaction. Aster DM Healthcare, Quality Care India, CARE Hospitals, KIMSHEALTH, Evercare and Baby Memorial Hospital are Indian counterparties named within the rows above; the sources do not state a foreign home country for them.
What the deals show
- Hospital consolidation. Two of the five transactions are hospital-chain deals by US private-equity investors, and a third is a merger that created a 39-hospital group. Invest India’s estimate that India needs an additional 3.6 million hospital beds by 2034 sits behind this activity; see the overview.
- Hyderabad as the pharma capability cluster. Both Eli Lilly and Sanofi chose Hyderabad for manufacturing, quality and capability-centre work. Telangana makes about 40% of India’s drugs (Invest India) and launched a Next-Gen Life Sciences Policy 2026-30 in January 2026; see state incentives.
- Capability centres as an entry model. Sanofi’s and Eli Lilly’s Hyderabad centres are global capability centres; the GCC hub covers the operating models, tax and people questions that apply.
FDI context
Hospitals and other health services take up to 100% FDI on the automatic route under the general rule for unlisted activities. Greenfield pharma manufacturing is 100% automatic; brownfield deals in existing pharma companies are automatic up to 74% and on the Government route beyond, with five-year conditions on NLEM output and R&D spend. The full table is on the FDI rules page.
What to check next
- Treat the values above as reported by the cited source, not as verified completed investment; announced plans may change.
- For a hospital acquisition, confirm the state health and facility rules that apply at each site; no manufacturing licence is needed.
- For a brownfield pharma stake, model the five-year NLEM and R&D conditions before pricing the deal.
- For a capability-centre plan, read the GCC set-up roadmap alongside the sector steps.