Columbia Pacific Communities (CPC) and KITES Senior Care are joining forces in a INR 250 crore merger to create India's first and largest Continuing Care Retirement Community (CCRC). CPC will invest INR 65 crore for a 25% stake in KITES. The merger will fuel expansion plans, with KITES developing over 1,000 beds across six South Indian cities and CPC adding 1,200 residential units, aiming for 10,000 senior living units and 2,000 geriatric care beds within five years. This initiative addresses the growing demand for senior care, driven by rising life expectancy and nuclear families, and targets the Indian senior living market, projected to reach USD 12 billion by 2030.
Columbia Pacific Communities (CPC) and KITES Senior Care, in senior care, are joining forces to create a network dedicated to elderly well-being. This merger aims to establish India's first and largest Continuing Care Retirement Community (CCRC), offering a comprehensive solution for seniors across the country.
CPC, with its experience in developing and managing senior living communities, and KITES, a geriatric care service provider with a major investor in Dr. Ranjan Pai (chairman of Manipal Education and Medical Group), bring complementary expertise to the table. This merger will offer seniors not just comfortable living spaces but also access to essential medical care, creating a one-stop solution for their needs. Dr. Pai sees this INR 250 crore merger, with CPC investing INR 65 crore for a 25% stake, as a significant step forward for senior care in India.
The merger will be fuelled by significant financial investments. The funds will be used to fuel expansion plans for both companies. KITES will use its share of the investment to expand its reach, with plans to develop over 1,000 beds across six South Indian cities. Meanwhile, CPC aims to add 1,200 residential units to their existing portfolio of 1,750 units within two years, bringing their total managed units to over 3,000. This ambitious expansion plan aims to create a network of 10,000 senior living units and 2,000 beds in out-of-hospital geriatric care centers within five years.
This merger reflects the growing demand for senior care solutions in India. Rising life expectancy, nuclear families, and increasing disposable incomes are key drivers. The Indian senior living market is expected to reach a staggering USD 12 billion by 2030, highlighting the immense potential in this sector.
Dr. Pai emphasizes that this merger is about enhancing the quality of life for elderly citizens. Both companies believe this initiative will significantly contribute to the evolving senior care landscape in India. With its focus on combining high-quality care and comfortable living spaces, this merger paves the way for a brighter future for seniors across the country.
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