VC Circle 24 May 2013
Ajay Piramal Group-promoted India Venture Advisors (IVA) has acquired stake in Andhra Pradesh-based Dr. Ramesh Cardiac & Multispecialty Hospital Pvt Ltd (DRCMH) through subscription of equity shares. However, the deal value has not been disclosed.
According to a report in Hindu Business Line, IVA has picked up stake in DRCMH’s upcoming 350-bed multispecialty hospital in Guntur. Currently, the company runs two tertiary care hospitals in Vijayawada and a satellite centre in Eluru with a total bed capacity of 250. It is planning to increase the bed capacity to 1,000 over the next three years through acquisitions of small hospitals/clinics in tier II and III cities.
India Venture Advisors has also recently invested in Global Baroda Hospital, a multispecialty chain.
Nishith Desai Associates acted as the legal advisor to IVT for this transaction.
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India Venture Advisors acquires stake in Dr. Ramesh Cardiac & Multispecialty Hospital
