Aster DM Healthcare

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.
Aster DM Healthcare was founded in 1987 in Dubai, the United Arab Emirates, by Azad Moopen, 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.
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. 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.
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.
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).
In March 2015, the cricketer Sachin Tendulkar opened Aster DM Healthcare's 150th pharmacy in Abu Dhabi. Sachin Tendulkar was the brand ambassador of Aster Pharmacy and CSR activities.
In October 2015, Aster DM Healthcare raised its ownership stake to 97% in Saudi's Sanad Hospital.
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.
In February 2018, Aster DM launched its initial public offering (IPO) and got listed on the Indian stock exchanges.
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. As of June 2022, Aster DM Healthcare operates 16 hospitals in India.
In February 2022, Aster signed an agreement with Novartis to collaborate on digital transformation and clinical research.
In March 2022, the company entered into a partnership with Siemens Healthineers for technology upgradation and digital optimization in its GCC and UAE facilities.
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.
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.
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.
In January 2024, the separation plan was approved. 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. In the Indian operations, the Moopen family maintained a 41.88% stake. Affinity Holdings, a wholly-owned subsidiary of the company, has received USD 907.6 million from the transaction.
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. In May 2014, Olympus Capital Holdings Asia invested another $60 million into the company.
In January 2024, group of investors lead by the sovereign-backed private equity firm Fajr Capital purchased a 65% share in Aster GCC. 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.
The company has 9 subsidiaries and 67 stepdown subsidiaries and 4 associate companies, including: