Business Daily from THE HINDU group of publications
Saturday, Nov 03, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Nov 03, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Venture Capital Trivitron gets $11 m private equity investment Our Bureau Chennai, Nov 2 Trivitron Medical Systems, a company that sells hi-tech medical diagnostic equipment such as scanners, today announced a $11-million private equity investment in the company jointly by HSBC Private Equity (Asia) Fund and ePlanet Ventures. “Both firms will together hold a minority stake in Trivitron,” said Mr G.S.K. Velu, Managing director of Trivitron Group of Companies. Medical tech parkTrivitron has chalked a Rs 250-crore investment plan. Of this, Rs 200 crore will be invested in creating necessary infrastructure for the proposed Medical Technology Park near Chennai and the remaining Rs 50 crore will be used for the company’s foray into manufacturing business through acquisitions and joint ventures. Talking about the funding, Mr Velu said, the company’s internal accruals and loans will account for Rs 105 crore, around Rs 45 crore will be through the private equity placement and the joint venture partner will chip in another Rs 100 crore. Veda Corporate Advisors was the advisor for this deal. The company has approached the Tamil Nadu Government to allot 25 acres, “may be in Sriperumbudur”, to set up the Medical Technology Park. "The idea is to promote indigenisation of medical technology in the country.” More Stories on : Venture Capital | Medical & Surgical Equipments
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