Vasan Healthcare to raise $150 mn to fund expansion

Eye care specialist Vasan Healthcare today said it plans to raise about $150 million (around Rs 660 crore) from private equity firms and sovereign funds to finance its expansion, which will see an addition of 45 new opthalmic and 10 dental hospitals this year.

While the company is pumping in about Rs 400 crore on the new eye hospitals, it is investing Rs 150 crore on the new dental hospitals.

"We are in talks with leading private equity firms and sovereign funds for raising close to $150 million to fund the expansion," Vasan Healthcare Chairman and Managing Director A M Arun told PTI.

He, however, did not disclose details such as the potential investors, timeline for raising the fund and how much stake the company could divest.

Commenting on the expansion that the company is undertaking currently, Arun said: "Vasan Healthcare will open 45 single super specialty hospitals in India by the end of August this year. Out of these 25 hospitals will be in North while 20 will be in South."

The firm has 80 eye care hospitals across India and has recently opened its first eye care hospital in Delhi with three more hospitals in the offing.
    
It also plans to open 10 dental hospitals this year to add to its present strength of 15 dental hospitals taking the total to 25.
    
"We are confident of success of our pan-India operations and and will provide world class super specialty eye care services," Arun said.