| Aster DM Healthcare is one of the leading healthcare player in the GCC and India. Founded in 1987 by Dr. Azad Moopen, the Company has emerged as an integrated healthcare service organization that provides the complete circle of care to people through network of hospitals, clinics, labs and pharmacies, providing primary, secondary, tertiary to quaternary care to all segments of the population. Starting from a single clinic in Bur Dubai in 1987, the Company is recognized as one of the largest private healthcare providers operating in multiple GCC states and an emerging player in India through its network of 32 hospitals, 127 clinics, 521 pharmacies, 205 labs & patient experience centres (PECs). The Company operates 17 hospitals in India with an installed bed capacity of 4317 beds, as of March, 2023.
Aster DM offer a diverse portfolio of specialised brands that serve patients in Primary, Secondary, Tertiary, and Quaternary Care, Healthcare Retailing, Diagnostic Laboratories, Digital Health, and Medical Education. With its patient-centric approach to medical care, the Company offer one of the largest and most widespread networks of Hospitals and Clinics, with the most premium healthcare facilities that aspire to make a difference.
The company's hospital network consists of 9 hospitals in GCC states and 11 multi-specialty hospitals and 9 clinics in India. Its hospitals in India are located in Kochi, Kolhapur, Kozhikode, Kottakkal, Bengaluru, Vijayawada, Guntur, Ongole, Wayanad and Hyderabad and are generally operated under the 'Aster', 'MIMS', 'Ramesh' or 'Prime' brands. The company has one of the largest and most widespread network of clinics across the Middle East. The Aster DM network has 112 clinics in total with 103 clinics in GCC states and 9 clinics in India. The company has the largest pharmacy chain in the GCC with 213 retail stores including 180 in UAE, 7, 12, 6, 6 and 2 in Kuwait, Jordan, Qatar, Oman and Bahrain respectively.
The Company commenced operations in 1987 as a single doctor clinic in Dubai established by the founder, Dr. Azad Moopen. Its first specialty medical centre was launched in Dubai in 1995. The Company's 'MIMS', or Malabar Institute of Medical Sciences, hospital in Kozhikode, Kerala, India, commenced operations in 2001. It started Qatar operations in 2003. In 2005, Al Rafa Hospital for Maternity and Surgery (now called Aster Day Surgery Centre LLC) commenced operations. In 2006, Medcare Hospital commenced operations.
The Company was incorporated in January 18, 2008 as DM Healthcare Private Limited on January 18, 2008 at Kochi, Ernakulam, Kerala, in a reorganisation to facilitate the growth of its operations, subsequent to which operations in the GCC states and India were consolidated under the Company.
In 2008, India Value Fund III A acquired 28.2% of the paid up Equity Share capital the company calculated at the time of investment. During the year under review, the company acquired majority stake in Prerana Hospital Limited (PHL), Kolhapur. In 2009, the company's Al Raffah Hospital located in Muscat, Oman, commenced operations. It extended its services to the Sultanate of Oman by establishing a medical centre in Sohar (ARMC) and a 30-bed hospital in Ghubra, Muscat.
In 2010, the company acquired 100% of the paid up equity share capital of Affinity Holdings Private Limited, Mauritius. During the year under review, the company's second Al Raffah Hospital in Oman commenced operations in Sohar. In 2011, the company's second Medcare Hospital, namely Medcare Orthopedics and Spine Hospital (Dubai) commenced operations.
In 2012, Olympus Capital Asia Investments Limited acquired 25.47% stake in the company. During the year under review, the company conditionally acquired 40.80% of the paid up equity share capital of Sanad Al Rahma for Medical Care LLC.
In 2013, the company acquired 60.35% of the paid up equity share capital of Indogulf Hospitals Private Limited (IHPL) and consequently Malabar Institute of Medical Sciences Limited (MIMS) became a subsidiary of the company.
The name of the company was changed to Aster DM Healthcare Private Limited and a fresh certificate of incorporation consequent upon change of name was issued on November 29, 2013.
The company acquired hospital operational and management rights in Aster CMC, Bangalore pursuant to the hospital operation and management agreement dated May 12, 2014. In August 2014, the company launched Aster Medcity in Kochi, Kerala, a multi-speciality hospital with a 670 bed capacity, to be positioned as a destination for medical value travel.
The company was converted into a public limited company consequent to a special resolution passed by our shareholders at the extraordinary general meeting held on November 10, 2014 and the name of our Company was changed to Aster DM Healthcare Limited.
In 2014, the company acquired 51% voting rights in Sainatha Hospitals, Andhra Pradesh, 54% stake in Aster Kuwait for Medicine and Medical Supplied Company WLL and 51% stake in Orange Pharmacies LLC, Jordan. In 2015, the company's first clinic in the Kingdom of Bahrain and Philippines commenced operations.
In 2016, the company divested its stake in Medipoint Hospitals Private Limited, Pune. During the year under review, the company increased stake up to 70.68% in the paid up equity share capital of MIMS. During the year under review, the company increased stake up to 97% stake in Sanad Medical Care. During the year under review, the company acquired 51% stake in Dr Ramesh Hospital. During the year under review, the company's second clinic in Bahrain commenced operations. During the year under review, the company's Medcare Women and Child Hospital in Dubai became operational. During the year under review, the company launched its first multi-specialty hospital in Sharjah.
The company acquired hospital operational and management rights in DM Wayanad Institute of Medical Sciences, Wayanad pursuant to a medical services agreement and an operation and management agreement, both dated March 4, 2016.
In 2017, the company entered into an operation and management agreement with the Rashtreeya Sikshana Samithi Trust to operate and manage a hospital in Bengaluru. During the year under review, the company's Medare Hospital Sharjah and Aster Hospital Doha commenced operations.
On 9 April 2018, Aster DM Healthcare announced that it has entered into an agreement with Subramanya Constructions & Development Company Limited (SCDC), a leading real estate developer, to construct a new hospital in Chennai. This 500 bedded, state of the art, multi-specialty hospital is expected to commission in 2020. The hospital, which would be situated at a prime location in Chennai, will provide advanced healthcare services to the residents of Tamil Nadu and customers from other states in India as well as overseas.
During the year 2018, Aster Ramesh Duhita LLP, Dr. Moopens Aster Hospital WLL, Harley Street Dental LLC and Aster DCC Pharmacy LLC have become subsidiaries of the Company.
In Q4 FY19, Aster DM commenced Aster MIMS hospital, Kannur in the state of Kerala with bed capacity of 302 beds. It acquired Cedars Hospital in Dubia, UAE with bed capacity of 17 beds. It acquired Al Khair Hospital, in Ibri, Oman with bed capacity of 22 beds. Separate dedicated area for Physical Medicine and Rehabilitation was launched by Aster Medcity with capacity of 16 beds in Q3 FY19. It increased 150 beds with the acquisition of Ramesh Sanghamitra, Ongole under Aster Ramesh Hospitals.
As on March 31, 2020 the Company has 9 direct subsidiaries, 67 step-down subsidiaries and 4 associate companies. In FY 2020, Company unveiled teleMEDCARE, a unique telemedicine platform allowing patients to call doctors through video conferencing without the need for prior appointments, reaching quality healthcare to patients' homes. In partnership with Sharjah Health Authority, it launched a four-month cervical cancer awareness drive in Sharjah and the Northern Emirates in October 2019 to ensure early diagnosis and consultations from leading gynaecologists and medical practitioners. It launched a Centre of Excellence for Management of Endometriosis,
accredited by the British Society of Gynaecological Endoscopy, UK.
In FY'21, the Company had 76 subsidiaries and 7 associate companies. During FY 2021, Company was the first private healthcare player to introduce telemedicine in UAE and within 8 months enrolled 800 doctors consulting patients across the globe. It introduced home care services like doctors and nurses on call, vaccination and lab tests collection at home, delivery of prescription medicine at home which helped shift entire process of appointment booking to purchase of medicine to the homes of patients. Its homecare services were launched on a small scale, in tandem with the launch of teleMEDCARE in April 2020. Upon observing its performance, a dedicated team was hired, and the service officially launched in June 2020. Aster Hospital Al Qusais launched its dedicated Molecular Laboratory for COVID-19 PCR Testing with state-of-the-art facilities, highly qualified experts and very well trained nurses to provide accurate report less than 24 hours from testing. It introduced Cardio Thoracic Surgery and Neurosurgery & Centre of Excellence for Vitreo-retinal surgeries at Aster Hospital, Al Qusais.
As on March 31, 2022, the Company has 73 subsidiaries and 8 associate companies. Hindustan Pharma Distributors Private Limited become subsidiary of the Company during the year 2021-22. Aster DM Healthcare introduced a new structure in India with 5 clusters namely the Kerala, Karnataka and Maharashtra, Andhra and Telangana, Pharmacy and the Aster Labs in FY'22. It started a dedicated 77-bed women and children wing at Aster MIMS hospital in Kerala which added to existing 244-bed capacity at the facility. In Kolhapur, Maharashtra, it has operationalised 24 additional beds as part of Aster Aadhar Hospital's expansion. Recently in May 2022, it started operations at 140- bed Aster Mother Hospital in Areekode in Kerala. As of March 31, 2022, there were 2 Reference Labs, 12 Satellite Labs and 100 Patient Experience Centres (PEC). It acquired majority stake in Hindustan Pharma Distributors Private Limited and ventured into pharmacy business to optimize supply chain function of hospitals and franchised retail pharmacies. It signed an agreement with Alfaone Retail Pharmacies Private Limited (ARPPL) to license the Aster Pharmacy' brand to run retail stores and online pharmacy operations. During FY'22, ARPPL forayed into Telangana, Karnataka, and Kerala. As of March 31, 2022, there were 131 pharmacies, 82 in Karnataka, 27 in Kerala and 22 in Telangana serving 2.1 lakh customers in India. In June 2022, it announced the launch of the 550-bed Aster Capital Hospital at Trivandrum, Kerala. In April 2022, Aster DM Healthcare launched 101-bed multi-specialty Aster Hospital in Sharjah to cater to the needs of the people in Northern Emirates of the UAE. It signed a Memorandum of Understanding with The Government of Tamil Nadu which proposes an investment of Rs. 500 crore in hospitals, pharmacies and laboratories in the State.
The Company launched the 179 bed Aster Royal Hospital in Muscat, Oman and the 101 bed Aster Hospital in Sharjah in 2022-23. Aster India expanded its pharmacy network, reaching a milestone of 106 stores in Karnataka, 85 stores in Kerala, 61 stores in Telangana, and 5 stores in Andhra Pradesh by the end of FY23. Aster Labs increased its foot prints to 189 Patient Experience Centres (PEC), 15 Satellite Labs, and 1 Reference Lab.
Adiran IB Healthcare Private Limited, Komali Fertility Centre Ongole LLP, Cantown Infra Developers LLP and Zest Wellness Pharmacy LLC, became subsidiaries of the Company and Skin III Ltd became associate of the Company during the year 2022-23. |