Ramp-up to 15 hospitals in 7 cities with 3,000+ beds in South India
Chennai’s Kauvery Medical Care (India) Limited says US$70 million funding from private equity fund managed by IIFL Asset Management Limited is for 1,000-bed next phase of growth and is likely to move towards an IPO tentatively in the next 3 years, which comprises augmenting capacities in along with expansion in chosen clusters within Tamil Nadu and Bangalore, Karnataka.
“Kauvery is currently in the midst of a fast-paced expansion program, as it plans to reach 1,000 beds each by 2025 in Chennai, Bengaluru and Tamil Nadu clusters,” Dr. S. Chandrakumar, Founder and Chairman of Kauvery Hospitals Group said.
“This ramp-up would mean that the network shall comprise 15 hospitals spread across 7 cities in South India, with 3,000+ beds and shall likely go for an IPO, in the next 36 months.
“IIFL PE has successfully backed numerous growth stories, and their presence on board will accelerate our organic and acquisitive growth across the South India market,” he said on 9 Mar 2023.
The investment holds significance in Kauvery Hospitals next phase of growth which is likely to move towards an IPO tentatively in the next 3 years, which comprises augmenting capacities in Chennai and Bangalore, along with expansion in chosen clusters within Tamil Nadu and Karnataka.
This also marks IIFL PE’s maiden investment in the multi-specialty hospitals segment and is also amongst the few minority investments in the multi-specialty space in India in the recent times.
“Our investment in Kauvery Hospitals underlines IIFL AMC’s increasing focus on investments in the healthcare businesses that offer comprehensive and affordable care to a broader set of patients,” said Nidhi Ghuman, Sr. EVP at IIFL AMC.
“Kauvery has strived to stay abreast in identifying the gaps in affordability and accessibility of healthcare services, and consequently leveraged its capabilities to fill those spaces in its focus markets. We’re thrilled to be partnering with a stellar leadership and their management team to further scale their reach across South India,” she said. fiinews.com
