The Times of India 14 Aug 2013
MUMBAI: ICICI Venture is set to acquire Anand Rathi’s stake in Hyderabad-based Global Hospitals as the private equity arm of India’s largest private bank by assets joins Sabre Capital and International Finance Corporation in closing about Rs 300 crore of investments into the healthcare network.
Financial services firm Anand Rathi holds under 10% stake in the hospital chain, which will be bought out by ICICI Venture, said people directly familiar with the matter. IFC and Sabre will subscribe to fresh shares in the company, valued at over Rs 1,000 crore, sources familiar with the development told TOI.
Global Hospitals, founded by a group of medical professionals led by Dr K Ravindranath, has 2,200 beds in Hyderabad, Bangalore, Chennai and Mumbai, placing it among India’s top four healthcare groups. India-focused private equity investor Everstone Capital is already a large existing investor. The company reported a Rs 450 crore revenue with Rs 45 crore in operating profit for financial year 2013.