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Manipal Hospitals raises Rs 940 crore
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Manipal Hospitals has raised close to $180 million (940 crore) from Mumbai-based private equity venture India Value Fund Advisors to materialise its expansion plans, said a source privy to the development.
The money would be used to add 2,400 beds by the end of fiscal 2015 putting the total bed-count to 4,000, however, further details of the deal was not available immediately.
Two month ago Manipal Hospitals CEO and MD Rajen Padukone had said that they were looking at new locations in Odisha, Madhya Pradesh and Maharashtra and all the new hospitals will be multi-speciality tertiary care hospitals and will have between 250-300 beds. He had also mentioned that the hospital would add another 600 beds in its existing facilities which include Bangalore and Goa.
The source, who spoke on condition of anonymity, said that Manipal would focus on their pre-stated expansion plans.
When contacted, an India Value Fund spokesperson from Mumbai declined to comment on the investment and a mail sent to her remained unanswered. Earlier in 2006 the hospital chain had received Rs 90 crore investment from IDFC Private Equity Fund. Manipal Hospitals, part of the Manipal Education and Medical Group (MEMG) is present in the field of education and healthcare delivery predominantly in South Asia with a network of 15 hospitals and three primary clinics.
“Hospitals in the mid to large segment generally take two to three years to break even after such investments and is mostly in debt or equity as infrastructure finance is not available easily in India,” Grant Thornton India Partner (Corporate Finance) Mahadevan Narayanamoni told Deccan Herald.
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