Update: Temasek Invests In Premji Backed Healthcare Global Enterprises
Singapore government’s investment vehicle, Temasek Holdings, has invested R140 Cr in South India headquartered Healthcare Global Enterprises (HCG), as stated by ET.
It also adds a valuation figure of HCG at R1,000 Cr with founder BS Ajaikumar holding back 26-28% stake.
With the latest round, Evolvence Capital, which had put in R30 Cr in the firm in 2007, has marked its exit with a return of around 2.3x.
The company is expected to double its network to 50 centers in India and Africa and also enter the multi-speciality space with the new funds.
Last October, news flow had suggested that HCG was looking to raise $100 Mn and was in talks with Temasek and PE firm KKR.
It was then said that the funds would be used to buyout part stakes of existing investors which include Milestone Religare, Premji Invest and Evolvence India Fund.
While its first round was raised from IDFC PE (R50 Cr), Premji Invest had invested $20 Mn in HCG (in 2008) and Milestone had invested $6.85 Mn through its India Build Out Fund- I (in 2010), which saw IDFC PE exiting the firm.
Founded in 1989, Bangalore-based HCG owns and manages a network of cancer treatment centers in India. It focuses on cancer care, diagnostics, imaging, research, and clinical trials services.
It has more than 23 cancer centers across India and in Africa providing cancer care treatment, imaging, laboratory services, clinical trials and research services.
Healthcare space (particularly the life sciences and allied healthcare segments) is gaining some ground with the PE investors lately.
Last year in June, ICICI Venture and Religare Milestone were planning to exit in Medica Synergie - Healthcare Global merger. Medica Synergie and Healthcare Global were planning to merge in a deal estimated at R300Cr.
ICICI Venture invested in Medica Synergie through its investment arm I-Ven Medicare and holds around two third stake in the company.
Norwest Venture Partners invested R25 Cr for a minority stake in NationWide Primary Healthcare Services. NVP also invested R22 Cr in radiology diagnostics company and division of Thyrocare Group and GE Healthcare - Nueclear Healthcare.
Sequoia Capital backed Moolchand Healthcare acquired Pankaj Apollo Hospital, a 200-bedded tertiary care hospital in Agra earlier this year in January.
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|Temasek Holdings Pte. Limited|| BFSI
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|www.temasekholdings.com||Michael LienMarcus WallenbergHsieh Fu HuaTeo Ming KianSimon IsraelGoh Yew LinKoh Boon HweeKua Hong PakHo ChingKwa Chong Seng|
|HealthCare Global Enterprises Limited||Dr. Ajai Kumar||HCG Tower, No. 8 P. Kalinga Rao Road,
Sampangi Rama Nagar
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Krishna Institute of Medical Sciences Limited
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