ICICI Ventures, one of the largest private-equity funds in the country, is going big in healthcare by investing $250 million through I-Ven Medicare, a special vehicle focusing on healthcare business.
I-Ven is close to tying up with a strategic US-based healthcare financial investor, where the latter will bring in $80million, all to invest in the booming healthcare sector in the country.
I-Ven Medicare, which is the lead vehicle for all ICICI Venture’s investments in the healthcare sector, has already lined up investments of Rs 450 crore for upcoming hospitals and healthcare facilities in Delhi, Maharashtra and West Bengal.
It will also invest in two other healthcare facilities in Karnataka and Tamil Nadu shortly. Next in line will be another Rs 550 crore, which will be invested for building up facilities in seven other healthcare platforms in other parts of India.
Top officials from ICICI Venture were in the city on Tuesday to announce an investment of Rs 65 crore to fund Medica Synergie Pvt Ltd, promoted by healthcare professionals led by Dr Alok Roy, a reputed hospital management specialist in the country. Medica Synergie is planning to set up 8 hospitals in West Bengal within two years.
Aluri Srinivasa Rao, director, ICICI Venture and IVEN Medicare, said: “We have big plans for the company – if we bring in more money into the holding company, we will be able to run it a lot more efficiently. Currently, I-Ven has a corpus of $80 million and the strategic partner is expected to bring in the same amount, while $90m will be tied up as debt. We may choose to divest and do a initial public offer.”
Source: DNA India