TPG, Warburg Pincus consider $100m investment in Vasan
TPG and Warburg Pincus are in talks with India’s Vasan Healthcare over a potential $100 million investment that would be structured as a combination of primary and secondary transactions, the Business Standard reported. A spokesperson for Vasan Group said only that the company was in discussions with various private equity funds.
The primary investment would be used as expansion capital, with Chennai-based Vasan keen to add 45 eye care hospitals to its current 80-strong network by March 2012. It is also looking to set up treatment centers for gastroenterology, diabetes, dental and skin care among others. According to recent reports, the company wants to open 50 dental care centers and 10 skin care centers in India as well as overseas.
The secondary investment may facilitate the exit of Sequoia Capital, which has injected around INR250 crore ($55.5 million) into Vasan in recent years and can expect to depart with a healthy return.
Warburg already has one India healthcare deal to its name in the past 12 months. The private equity firm invested $85 million in Mumbai-based Metropolis Healthcare, allowing the exit of ICICI Venture.
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