Business Daily from THE HINDU group of publications
Tuesday, Jan 15, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Jan 15, 2008 ePaper | Mobile/PDA Version |
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Markets
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Venture Capital Corporate - Mergers & Acquisitions States - Andhra Pradesh M. Somasekhar Hyderabad, Jan. 14 Ashmore Funds, UK, a global investment fund has picked up 19 per cent equity in Quality Care India Ltd (QCIL), the holding company of CARE group of hospitals for a consideration of Rs 90 crore. The Hyderabad-based QCIL has divested the stake to part fund its Rs 150-crore, phase-I expansion, which would see the doubling of its bed strength to 2,000 by the end of March. The balance Rs 60 crore is being raised through debt from banks and internal accruals. QCIL, which owns the CARE group of hospitals, has already lined up hospitals in Nagpur, Bhubaneswar, Raipur, Kochi, Visakhapatnam and Pune, with a minimum bed capacity of 100 each, as part of the expansion, said Dr N. Krishna Reddy, Director and Chief Executive Officer of CARE group. The CARE group has firmed up a long term Rs 500-crore expansion programme that will enhance its presence in the southern, western and eastern regions, he told Business Line. CARE Hospitals is on course to double the capacity through the Phase-I of expansion. The Phase-II would see an additional investment of Rs 300-400 crore. The Rs 150 crore expansion will entail an average investment rate of Rs 15 lakh per bed. Kerala, Tamil Nadu, Karnataka, Maharashtra, Orissa, Chhattisgarh, Gujarat and Andhra Pradesh have been identified to locate hospitals through a mixed strategy of greenfield and acquisition, Dr Reddy said. More Stories on : Venture Capital | Mergers & Acquisitions | Medical Institutions & Hospitals | Andhra Pradesh
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