ICICI Venture has made an equity investment of $24 million (approx. Rs 95 crore) through Iven Medicare in Vikram Hospital (VHPL) for a "substantial stake".The investment would enable the Mysore-based Vikram Hospital to set up a pan Karnataka footprint, informed Aluri Srinivasa Rao, director, investments, ICICI Venture.
Iven Medicare, the health arm of ICICI Venture, would help VHPL, a family-owned business, to scale up its current infrastructure by offering dedicated support in key areas like Medical Informatics, quality and accreditation, HR practices, commercial and technology among others.Expansion plans included a mix of greenfield and brownfield initiatives.
Iven Medicare has invested $10 million in Delhi-based RG Stone Hospital, $15 million in Kolkata-based Medica Synergie and $36 million in Pune-based Sahaydri, Rao informed, adding that there were around seven similar deals in the pipeline.ICICI Venture has created a $250 million fund kitty for investing in 11 such deals. This kitty is part of the company's India Advantage Fund, Series-II.
