ICICI Venture invests Rs 140 cr in Sahyadri

Pune: ICICI Venture has announced an investment of Rs 140 crore through its holding company, IVEN Medicate India Pvt Ltd, in Sahyadri Hospitals Ltd .

Talking to presspersons, Mr Aluri Srinivasa Rao, Director, ICICI Venture and IVEN Medicare and Dr Charudutt Apte, Chairman, Sahyadri Hospitals said this was the first hospital chain in Western India to be considered for investment.

More projects

Mr Aluri said three more projects are in the pipeline in the country which would be funded soon. Dr Apte said the total corpus which has been set aside for Sahyadri Hospitals is to the tune of Rs 400 crore, to be utilised in the next three years. Dr Apte said it would be building the hospital network or it would even look at options of buying out an existing hospital. It would also work with the local doctors to integrate with the region.

The chain also planned to set up around 17 projects in Maharashtra within the next three years and has already short listed Navi Mumbai, Aurangabad, Karad, Solapur as its immediate destinations.

It may be recalled that ICICI Venture had also recently invested $10 million in the Delhi-based RG Stone Urological Research Institute for establishing 20 new hospitals. Mr Aluri added that ICICI Venture was planning to build a pan-India healthcare provider network.