Indian hospital chain Aster DM Healthcare said on Wednesday it plans to spend up to 9 billion rupees (about $108 million) to expand domestically as it nears the completion of selling its Gulf business.

Aster said it aims to be among the top three hospital chains in India and expects to add about 1,500 beds by fiscal 2027 to the 4,857 beds it has across 18 hospitals in the country.

In contrast, Apollo Hospitals, India’s largest private hospital chain, has over 10,000 beds across over 70 hospitals, while Manipal Health has 33 hospitals with more than 9,500 beds.

Aster said it would expand its presence by building new hospitals and boosting the capacity at existing centres.

Last November, Aster agreed to sell a majority stake in its Gulf business, which accounts for about 75% of its overall revenue, to a consortium led by private equity firm Fajr Capital.

After a proxy advisory firm threatened to scuttle the deal, Aster said it would distribute about 70-80% of the $903 million net proceeds from the sale to shareholders.

The Fajr Capital-led consortium got local anti-trust clearance and approvals from key partners for the deal, Aster said, without specifying when it expects the deal to close.

While India accounted for only a quarter of Aster‘s total revenue in the third quarter, the growth in the region outpaced the revenue growth in the Gulf.

Since announcing the deal in late November, Aster‘s shares have jumped nearly 32% through their close on Wednesday.

Reuters