The Hindu Business Line : RG Stone gets $10 m from ICICI Venture

New Delhi, Nov 12 RG Stone Urological Research Institute has received $10 million from private equity firm ICICI Venture, which the company plans to use for establishing 20 new hospitals.

The first phase of the company’s expansion plans includes a super specialty hospital in Goa and four speciality centres in association with leading hospitals in Jaipur, Agra, Bangalore and Mohali.

“We are happy to announce the launch of our new centres with hi-tech technologies and international standards in other part of the country.

The partnership with ICICI Venture will enable us to establish a pan-India presence,” said Dr B.S. Bansal, Chairman and Managing Director of RG Stone Urological Research Institute, in a statement announcing the deal.

“The group (RG Stone) has an experienced management team and exceptional surgeons whose expertise is at par with international standards. I foresee them scaling greater heights,” added Mr Aluri S. Rao, Director Investments of ICICI Venture.

The projects are expected to be completed by the end of the year, said the company in a statement announcing the investment.

The second phase, expected to be completed by September next year will see an additional 15 centres.

The company established in 1986 hopes to introduce the concept of outsourcing surgical departments.

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