AVCJ

Quadria-led consortium buys majority stake in Indian hospital chain

  • Mirzaan Jamwal
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Quadria Capital, German development finance institution DEG and Swedfund have acquired a majority stake in Medica Synergie from ICICI Venture.

Financial terms of the exit were not disclosed but according to sources, the deal is worth more than INR1.6 billion ($25.7 million).

ICICI invested $15-20 million in the company in 2008 and held a 67% stake through I-Ven Medicare, a healthcare-focused special purpose vehicle controlled by India Advantage Fund Series 2.

Medica Synergie is a healthcare delivery company focused on Eastern India, with a network of hospitals across key hubs including Kolkata, Siliguri and Jamshedpur. It owns the Medica super specialty hospital in Kolkata and offers tertiary care services in cardiology, cardiac surgery, neurosurgery, orthopedics and spine, ear-nose-throat, dialysis and urology.

The investment will be used to facilitate the growth of Medica's hospital network.

This is the first investment from Singapore-based Quadria's second fund, which has reached a first close of $107 million. The total fund target is $300 million.

Amit Varma, Quadria's managing partner told AVCJ in April that more than two thirds of the fund corpus will be concentrated on healthcare delivery and life sciences. Furthermore, only 30% of the capital will be deployed in India.

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