Aster closes FY 2016-17 with a healthy outlook in India and Middle East

Dubai, United Arab Emirates, 30 March, 2017:  Aster DM Healthcare, the Dubai based healthcare conglomerate, has reported a healthy 2016-17 fiscal year led by its continued expansion and acquisition strategy. Over the past year, the group has expanded its network across GCC as well as India.

Key Milestones achieved in FY 2016 -17, as well as upcoming launches:

• Aster DM Healthcare Group completes 3 decades of operations in 2017
• Total 317 medical establishments, including 18 hospitals, 98 clinics and 201 pharmacies as on 30, January 2017 

GCC:

• 3 new hospitals: Successful launch of Medcare Women & Children Hospital in Dubai and soft launch of Medcare Hospital in Sharjah. Aster Hospital in Doha is nearly completed.
• 8 new clinics and 25 pharmacies added in GCC under Aster, Medcare and Access Brands
• 2 new specialty clinics launched: IVF and Women Care, under both Aster and Medcare brands
• Acquisition of 60% stake in Harley Street Medical Centre, Abu Dhabi, marking the company’s foray into niche healthcare specialty, including a day-care surgical centre
• Launch of AsterOnline and Aster Chronic Care@Home services - Introduction of innovative technological solution for patient care
• Started construction of upcoming Aster Hospital in Qusais, set to be a 100-bed facility
• Signed the contract for a  Aster Hospital in Sharjah

India and Asia- Pacific:

• Launched Aster CMI- a 509 beds quaternary care facility at Bangalore
• Opening of 3 new Aster Clinics in Bangalore
• Acquisition of majority stake in a chain of 3 reputed hospitals in Gundur and Vijayawada, Andhra Pradesh, with a combined strength of around 500 beds
• Expansion of Aster Prime Hospital in Telengana , Hyderabad, India 
• Acquisition of land and project mobilization of Aster Hospital- a 500 bed facility in Thiruvananthapuram, Kerala
• On-going construction of Aster MIMS- a 200 bed facility at Kannur, Kerala

Successful credit financing with Axis Bank for US $ 295 Million
Aster DM Healthcare also announced the closure of US $295 Million, comprehensive group-wide credit facility with Axis Bank. Based on the company’s performance and pipeline of projects, Axis Bank offered attractive terms and conditions that facilitated the financing process.

Commenting on the company’s performance, Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare said, “The growth of our operation remains aligned to our vision of making quality healthcare easily accessible to the communities that we serve, across the world. We are at an exciting stage of our journey, as we continue to bridge the gap between available quality services and needs of our patients on a day-to-day basis. It opens the door to improvise and introduce innovative as well as sustainable solutions that can bring about a quantum leap in the primary healthcare delivery model that we have today. In 2016, we have been successful in expanding our horizons in both India and Middle East.”   

The company currently operates under the Aster, Medcare and Access brands across 9 markets, including UAE, KSA, Qatar, Bahrain, Oman, Kuwait, Jordan, India and Philippines.