ICICI Venture may offload stake in I-Ven Medicare
ICICI Venture is reportedly set to exit a large portion of its healthcare arm I-Ven Medicare India Pvt. Ltd. – which is further a component of its India Advantage Fund Series 2 - and is said to be in talks with Mumbai-based PE firm India Value Fund Advisors (IVFA) to offload a majority stake for an undisclosed amount.
According to local reports, ICICI Venture is expected to retain a stake in I-Ven Medicare, which mainly targets investments in hospitals, following the sale. I-Ven Medicare's key investments have ranged from $10 million to more than $35 million, according to reports, and include Vikram Hospitals, Medica Synergie, Sahyadri Hospitals and RG Stone Urological Research Institute.
IVFA also reportedly approached its investee DM Healthcare Pvt. Ltd., in which it invested $50.4 million in 2008, to enter into the investment with it. IVFA claims $1.4 billion under its management.
Last month news surfaced that ICICI Venture is reportedly considering selling its 100% stake in I-Ven Pharma Capital Ltd. to its partner Dr. Reddy's Labs, the latest in a string of exits by the Indian private equity firm.
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