India Venture Advisors, a health care focused private equity fund promoted by the Piramal Group, has reportedly picked up a stake in Trichy-based speciality hospital group Kavery Medical Centre and Hospitals Ltd . The fund has invested upto Rs 90 crore through a mixture of debt and equity, reports Mint. This information is not independently verified. India Venture has picked a around 30% stake in the KMC Hospital, the report further said.
o3 Capital Advisors is the advisor on the deal. When contacted by VCCircle, Shiraz Bugwadia, Director, o3 Capital, refused to comment. India Venture Advisors could not be reached for their comments.
KMC plans to expand its operations, both through organic and inorganic route. The company plans to expand its present total bed capacity of 400 to 1,000 in the next five years. KMC had acquired the city-based Seahorse Hospitals Ltd early last year. The firm epanded its capacity from 225 beds to 400 beds through this deal.
The healthcare space has seen a few PE deals in the last few years. I-Ven Medicare of ICICI Venture and India Value Fund are some of the funds that have invested in this space. Recently New York based private investment firm GTI Group set up a wholly-owned subsidiary to invest Rs 250 crore into Indian healthcare sector. Another firm is private equity fund Sabre Capital Worldwide, which has set up Spring Healthcare to invest primarily in hospitals and pathology labs.