ASG Eye Hospitals on Monday announced that it has taken operational control of Vasan Eye Care following the completion of all formalities and transfer of ownership.
According to the company’s statement, the receipt of approval from the Committee of Creditors (CoC) with 98% votes for the resolution plan was followed by the approval of the Chennai Bench of the National Company Law Tribunal (NCLT) on February 03, 2023, for the acquisition with a bid value of Rs. 526 Crores.
The successful completion of the acquisition marks a significant milestone in ASG Eye Hospitals’ journey to expand into new and underserved markets in India and make quality eye care accessible to all, it added.
With the addition of Vasan Eye Care, ASG Eye Hospitals’ network will increase to over 150 hospitals PAN India, thereby establishing the largest geographical footprint among all healthcare delivery providers with a presence in 21 states across the country. Further, this strategic acquisition will strengthen ASG’s position in the healthcare industry and enhance its market presence across India.
“Since 2005, ASG Eye Hospitals’ doctor-led model has stood for clinical excellence and quality eye care for all. Post this strategic acquisition, we are proud to expand our network presence in South India. Vasan Eye Care is a valued and respected name in eye care and will continue as an independent brand. We are delighted and excited to welcome the Vasan team to the ASG family to join our mission to enhance the delivery of quality eye care for all and improve the quality of life across India. We look forward to working closely with all stakeholders in the Vasan ecosystem to ensure a seamless transition as we continue to deliver unparalleled patient care,” Dr. Arun Singhvi, Chairman and Managing Director, ASG Hospital Pvt. Ltd. said in a statement.
ASG Eye Hospitals’ investors, which include Foundation Holdings, General Atlantic, and Kedaara Capital, are fully committed to this endeavor. They will work closely with the teams at ASG and Vasan to realize the vision of becoming the leading eye-care franchise in India by providing high-quality eye care services.
“This strategic acquisition marks an exciting time for ASG & Vasan and a historic milestone in the eye care sector. The Vasan acquisition will be a perfect geographic fit with ASG, and a unique opportunity to establish ASG as a world-class healthcare delivery platform with a scaled South India presence and truly PAN India reach. We are confident that Vasan Eye Care will benefit from ASG Eye Hospitals’ strategic vision, professional management and operational expertise!” Aakash Sachdev, Managing Director, Foundation Holdings and Director, ASG Hospital Pvt. Ltd. said in a statement.
ASG Eye Hospitals has grown to become one of the largest and most trusted providers of eye care services in the country, with a network of more than 54 eye hospitals across 17 states in India.
The acquisition of Vasan Eye Care is a significant milestone with the integration of two leading eye care brands leading to synergy in the delivery of the highest quality eye care services with the latest technology and expertise, it added.
According to the Lancet Global Health Commission’s report on global eye health, 62 million people in India are estimated to be visually impaired, with 8 million being afflicted with blindness.
Cataracts and diabetic retinopathy are the major causes of ocular morbidity and blindness if not treated in time. However, India has only an estimated 25,000 ophthalmologists and only 45,000 optometrists against a required 125,000 with the majority being concentrated in the urban areas. There is a shortage of ophthalmologists and optometrists in smaller cities, towns, and rural areas.
It is here that eye care chains like ASG Eye Hospitals with a focus on Tier 2 and Tier 3 towns ensure access to quality eye care and help in reducing the number of cases of complete vision loss.
Expanding infrastructure, training eye specialists and better utilization of technological innovation in eye care will be essential in stemming the rising number of cases, and ASG Eye Hospitals and Vasan Eye Care will play a significant role in achieving progress in eye health across India, it added.
