The Hindu Business Line : ICICI Venture invests in Mysore’s Vikram Hospital

ICICI Venture has announced an equity investment of around Rs 96 crore ($24 million) in Vikram Hospital, Mysore through its healthcare SPV, IVEN Medicare India Pvt Ltd.

IVEN gets a substantial stake in the family-owned hospital; the investment will enable the hospital group to expand across Karnataka and set up secondary and tertiary care hospitals, according to Mr Aluri Srinivasa Rao, Director-Investments, ICICI Venture, and the hospital’s Managing Director, Dr S. Vikram.

The expansion will be a mix of greenfield and brownfield projects or leasing and operation-management contracts. Vikram Hospital will soon rollout its hospitals across Karnataka and its projects are in various stages of planning and implementation.

Seven more similar deals are in the pipeline for IVEN, created by the country’s largest private equity fund, Mr Rao said. It has already invested in RG Stone Hospital ($10 million), Medica Synergie, Kolkata ($15 million), and Sahyadri Hospital, Pune ($ 36 million).

$250-m fund

ICICI Venture’s $250-million fund is meant for investing in 11 such deals.

Vikram Hospital’s flagship in Mysore will expand cardiac care services. It will also start five dedicated superspecialty hospitals in Mysore for trauma, orthopaedics, plastic surgery, and neurology; gastroenterology, urology and nephrology; women and child care; oncology; and high-end dentistry, cosmetology, ENT and value-added specialties.

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ICICI Venture invests in Mysore’s Vikram Hospital