GIC commits $100m to Vasan Healthcare
Government of Singapore Investment Corp. (GIC) has invested $100 million for a minority stake in Vasan Healthcare, which runs eye care hospitals across India. The transaction is the largest PE deal in the country's healthcare industry since Olympus Capital’s investment in DM Healthcare.
The funds will help the Chennai-based hospital brand expand its pan-India network. Vasan started its first eye care hospital in Trichy 10 years ago and now operates 102 eye centers and 14 dental care centers. The company plans to complete four more acquisition this week, LiveMint reported.
It will also seek buy hospital chains that fit into its existing day-care model and expand into other day-care segments such as in-vitro fertilization and diabetes treatment.
Vasan, which reported revenues of INR5 billion ($100 million) for the last fiscal year, is also backed by private equity players including Sequoia Capital and Westbridge Capital. The two investors committed $50 million to the company across three rounds. Vasan is targeting an IPO in 2015.
Healthcare providers have become a focal point for India private equity investors this year, due in a large part to the country's vibrant domestic market for such services. According to AVCJ Research, total private equity investments in India's healthcare sector stand at $324 million across seven deals - three in pharmaceutical companies and four in hospital and healthcare centers.
In January, Olympus Capital Asia committed INR5 billion DM Healthcare, which operates hospitals, medical centers and pharmacies in India and the Middle East. Early February, IDFC Project Equity also reportedly invested INR1.9 billion in Pune-based specialty hospital chain Sahyadri Hospitals, buying out a stake held by ICICI Ventures.
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