BSR To Sell Minority Stake To PE Investors
Bhilai Scan & Research (BSR) is planning to raise about R150 Cr by selling minority stake in the company to PE investors, Livemint states. The company plans expansion, through the funding that it would receive by setting up diagnostic facilities in hospitals as well as standalone centres and by participating in government projects.
Edelweiss Financial has been given the mandate for scouting a PE buyer.
The company was founded in 1993 by M K Khanduja and provides healthcare services in Central India. It specializes in cardiology, cardio thoracic, oncology, neurology, orthopedic, nephrology, pediatrics, urology, gastroenterology and emergency care.
The hospitals include a 175-bed tertiary hospital (BSR Super Specialty Hospital, Bhilai) and the first specialist cancer hospital (BSR Cancer Hospital) in the state of Chattisgarh.
It also owns and operates Apollo BSR Hospital, Bhilai, in association with Apollo Hospitals Enterprises Ltd.
BSR Healthcare group has diagnostic centres at Bhilai, Raipur, Bilaspur, Rajnandgaon, Korba, Bhandara, Gondia, Kolkata,Dhamtari, Jagdalpur,Cuttack,Rewa and Nagpur and plans to expand to Jabalpur, Nagpur-2, Raipur-2, Ambikapur, Kawardha, Sambalpur, Behrampur, Amravati.
The company plans to have 70 centres with a total revenue target of R300 Cr by 2017 and aims to add 9 centers by this fiscal end.
The Indian healthcare industry, which comprises hospitals, medical infrastructure, medical devices, clinical trials, outsourcing, telemedicine, health insurance and medical equipment, was valued at US$ 79 billion in 2012, and is expected to reach US $160 billion by 2017.
The Indian healthcare sector is expected to grow at about 15 percent year-on-year as the favourable demographic virtues offer an attractive market for healthcare providers and investors in India.
Other deals in this space;
- PE firm ICICI venture was planning to financial service firm Anand Rathi’s stake in Hyderabad-based Global Hospitals.
- Rainbow Hospitals had raised R100 Cr from CDC, the UK Government-owned development finance institution, and PE investor Abraaj Group.
- PE fund Ask Pravi, a JV between Ask Group and Pravi Capital had acquired a minority stake in Hyderabad-based OMNI Hospitals, a unit of Incor Hospital Private Limited for R60 Cr.
- WellSpring Healthcare was planning to raise R50-60 Cr in order to fund its expansion plans.
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