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Multiples-backed Vikram Hospital hires Somesh Mittal as CEO

24 July, 2017

Vikram Hospital, which is backed by private equity firm Multiples Alternate Asset Management Pvt. Ltd, has appointed Somesh Mittal as chief executive officer.

Mittal replaces Sudhir Pai, who will continue to be a member of the board of directors of Vikram Hospital, the Bengaluru-based firm said in a statement.

Mittal was previously working with Fortis Escorts Heart Institute where he was overseeing four hospitals and five heart command centres across the Asia Pacific region as zonal director, it said. He is an alumnus of University of Delhi’s Faculty of Management Studies.

“Mittal will bring his experience to help create a truly world class hospital in Bengaluru. For Multiples, this is a further commitment to our interest in the healthcare sector,” said Renuka Ramnath, founder, Multiples.

Vikram Hospital, which was founded in 2009, has 225 beds and offers cardiology, neurology, nephrology, urology, gastroenterology and hepatobiliary, bariatric and metabolic surgery, spine surgery, orthopaedics and trauma care services.

Multiples had bought a majority stake in Vikram Hospital in 2013 for nearly Rs 180-190 crore. The deal involved primary and secondary components wherein it bought ICICI Venture Funds Management Inc’s 64% stake besides making capital infusion into the hospital.

Early last year, Multiples had reportedly roped in Moelis and Co to initiate the process of selling its stake in Vikram Hospital.

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Multiples-backed Vikram Hospital hires Somesh Mittal as CEO

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