ICICI Ventures to invest $250 Mn in healthcare
Thursday, 17 January 2008, 17:09 IST
Printer Print Email Email
Kolkata: Indian private equity fund ICICI Ventures has floated a special company to invest $250 million in healthcare in the next three years, said a top company official. ICICI Ventures has created i-Ven Medicare, a special vehicle for investments in healthcare, for the purpose. "For the total investment, ICICI Ventures has already invested $80 million in the healthcare sectors of Maharashtra, Delhi and West Bengal. The rest would be raised through foreign partnerships and debts," ICICI Ventures director Aluri Srinivasa told reporters on the sidelines of a press conference here Tuesday. He said out of $170 million, $80 million would be invested through foreign partnerships and another $90 million would be raised through debts. I-Ven Medicare will be the lead vehicle for all ICICI Ventures' investments and buyouts in the booming healthcare sector with a special focus on healthcare delivery systems. I-Ven will actively work with the portfolio companies in the areas of procurement, branding, national and international business development and improvement in systems and processes, Srinivasa said. The company has already announced three investments in the healthcare sectors of Delhi, Maharashtra and West Bengal, and will soon disclose two investments in Karnataka and Tamil Nadu. These apart, there are seven more healthcare projects in the pipeline where the company would chip in money in the near future. The company would also invest a majority stake in Medica-Synergie through its healthcare holding company I-Ven Medicare. Medica-Synergie plans to set up eight hospitals in the eastern region of India including three in Kolkata, Siliguri and Asansol of West Bengal in the next 24 months. These hospitals will add 2,000 beds. ICICI Ventures is a subsidiary of ICICI Bank - the largest private sector financial services group in the country with a market capitalisation of over $38.67 billion. The company has funds under management in excess of $2.3 billion.
Source: IANS
siliconindia