CARE Hospitals’ CEO Dilip Jose quits to join TPG Capital

Dilip Jose, CEO of the Abraaj Group-owned CARE Hospitals, has resigned to join TPG Capital from October, a person aware of the development said, asking not to be identified.

Jose took over as the CEO of CARE Hospitals from Dr N Krishna Reddy in August 2013. He was previously with Fortis Healthcare Ltd.

Jose and TPG Capital declined to comment. CARE Hospitals’ majority owner, the Dubai-based private equity firm Abraaj Group, did not immediately respond to a request for comment.

The Mint newspaper, which reported the move earlier today, said Jose will advise TPG on the healthcare sector.

Abraaj Group acquired a controlling stake in CARE Hospitals from Advent International in January for an estimated $195 million.

Founded in 1997 by Dr B Soma Raju, CARE has over 2,600 beds in 15 hospitals across seven states, per its website.  

TPG operates in India via TPG Capital and TPG Growth, the mid-market and growth-equity investment platform of the leveraged-buyout group. Both firms have made a number of acquisitions in India’s healthcare sector in recent years.

TPG Growth had, in 2014, hired former Fortis Healthcare chief executive Vishal Bali, who now heads the firm’s healthcare practice in Asia. 

The firm announced the acquisition of a majority stake in Rhea Healthcare Pvt. Ltd, which operates a chain of mother- and child-care hospitals under the brand Motherhood, for $33 million last week.

In April, it acquired a 65% stake in Cancer Treatment Services International for $33 million.

TPG Growth also owns a majority stake in Sutures India.

In February, the TPG Capital invested $144 million in Manipal Healthcare.

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