Aster closes $295m credit facility with Axis Bank

Aster DM Healthcare on Thursday announced the closure of $295 million, comprehensive group-wide credit facility with Axis Bank with highly attractive terms and conditions which the existing consortium of eight bankers could not match.

The Dubai-based health care group said in a statement that it had an overall limit of $276 million with the consortium, out of which only $176 million was drawn so far which was taken over by Axis bank using this facility.

Axis Bank was willing to provide the complete loan as the single sole bank, in place of the consortium looking at the strong financials of the company, the statement said.

Aster DM Healthcare is expanding rapidly in the GCC countries and India under brands Aster, Medcare and Access. The Medcare Hospital in Sharjah and Aster Hospital in Qatar are ready for inauguration and there are six more hospital projects in pipeline in various stages, according to the company.

Last year, Aster acquired 60 per cent stake in Harley Street Medical Centre in Abu Dhabi, marking the company’s foray into niche health care speciality, including a day-care surgical centre. It also started construction of a new hospital — a 100-bed facility — in Al Qusais.

In India and Asia-Pacific region, the group launched new clinics in Bengaluru and acquired majority stake in a chain of three reputed hospitals in Guntur and Vijayawada, Andhra Pradesh, with a combined strength of around 500 beds.

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