Evercare Seeking to Exit Care Hospitals

In 2016, a private equity firm, Abraaj, purchased 72 percent stakes in Care Hospitals for 2,000 crore rupees from Advent Capital. Later, the Dubai-based fund collapsed due to allegations of mismanagement by its limited partners. The reins were then handed over to TPG-backed Evercare Group in 2019 in an attempt to revamp leadership and initiate a clean-up act.

Now, three years later, Evercare is planning to give up the management of c....