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The hitherto little-known company has teamed up with Blackstone-backed Quality Care to create India’s third-largest hospital chain after Apollo and Manipal. But success will depend on how the new entity overcomes a set of unique challenges.

As India’s largest stock exchange heads to the public markets, it may need to rethink its excessive reliance on transaction revenue.
April data suggests the slide may be moderating, even as the UAE accelerates moves to derisk its future.
A public listing will help clean up the hospital chain’s balance sheet after the costly Sahyadri acquisition. But depressed metrics, integration risks and lofty valuations make this far from a clean turnaround story.