ICICI Venture to exit Medica Hospitals in 3-4 weeks

ICICI Venture, which holds close to two-third stake in Medica Synergie, is expected to exit the firm in the next three to four weeks.

"A deal is in pipeline and expected to mature in the next three to four weeks in which new investors will come in and ICICI Ventures will exit," Medica Synergie CEO Ayanabh Debgupta said when asked.

Medica Synergie is one of the largest integrated healthcare delivery providers in eastern India managing hospitals with combined capacity of 1,000 beds through its own chain and franchisees.

Debgupta indicated that new venture capital is likely to play an important role for taking the ICICI Venture's stake in Medica business.

Debgupta did not wish to speak more on the deal, but there was talk that Medica Synergie and Healthcare Global (HCG) planning to merge.

Religare Milestone had invested $6.85 million through its India Build Out Fund-I in Healthcare Global, while ICICI Venture invested in Medica Synergie through its investment arm I-Ven Medicare and holds around two thirds stake in the company.

Debgupta, who is one of the five co-promoters of the hospital chain said the deal would not impact control in the health-care company.

He also said the current deal would help the hospital to raise capital for expansion in eastern India.

"We are looking to add another 1,000 bed capacity from five new greenfield hospitals in the eastern region of Bihar, Jharkhand, Orissa and Shillong," he said.