ICICI Venture has made an equity investment of $24 million (approx. Rs 95 crore) through Iven Medicare in Vikram Hospital (VHPL) for a “substantial stake.
The investment would enable the Mysore-based Vikram Hospital to set up a pan Karnataka footprint, informed Aluri Srinivasa Rao, director, investments, ICICI Venture.
Iven Medicare, the health arm of ICICI Venture, would help VHPL, a family-owned business, to scale up its current infrastructure by offering dedicated support in key areas like Medical Informatics, quality and accreditation, HR practices, commercial and technology among others.
“Expansion plans included a mix of greenfield and brownfield initiatives,” said Dr Vikram, MD, VHPL.
Iven Medicare has invested $10 million in Delhi-based RG Stone Hospital, $15 million in Kolkata-based Medica Synergie and $36 million in Pune-based Sahaydri, Rao informed, adding that there were around seven similar deals in the pipeline.
ICICI Venture has created a $250 million fund kitty for investing in 11 such deals. This kitty is part of the company's India Advantage Fund, Series-II.
Source: Business Standard