Global investment firm Kohlberg Kravis Roberts & Co. (KKR) will invest about US$90 million in India-based hospital operator Apollo Hospitals Enterprise through a subscription to convertible debentures issued by Apollo Hospitals’ parent PCR Investments. Per the agreement, KKR will have an option to convert these debentures into equity shares after five years, and the Indian founders will have the right to buy back these instruments at the end of two years. Apollo, which operates 51 hospitals, over 1,500 drug stores and 92 primary-care and diagnostic clinics, intends to use the investment to repay the founders’ debt and build more hospitals.