The expected funds to be deployed for this proposed expansion will be around `700 crore.
Chennai-based Sri Kauvery Medical Care (India) (known as Kauvery Hospitals) on Friday said it has raised `140 crore of equity from LGT Lightstone Aspada. The proceeds from this round will be used to deepen Kauvery’s presence in Tamil Nadu and expand its footprint across South India.
“Kauvery Hospitals is excited to welcome LGT Lightstone Aspada as its new investor. We are looking at adding 12-15 hospitals with an aggregate capacity of 3,000+ beds to our network over the next 3-5 years with a major focus on South India.
The expected funds to be deployed for this proposed expansion will be around `700 crore. This expansion will be done through a mix of strategic partnerships, acquisitions and brownfield hospitals,” said S Chandrakumar, founder, executive chairman, Kauvery Hospitals, in a statement here.
S Manivannan, co-founder, managing director, Kauvery Hospitals, said: “We believe that the investment from LGT Lightstone Aspada is an endorsement of Kauvery Hospital’s success in creating a model delivering quality healthcare services at affordable prices to its patients across all markets. Kauvery Hospitals will continue to drive growth with focus on efficiency and patient care.”
“Healthcare is one of our core themes of focus. Our investment in Kauvery is an important milestone in our effort to contribute towards building an interconnected healthcare system in India that improves overall health outcomes and affordability.
“We are excited to partner with the team at Kauvery in their goal of setting the benchmark for care-standards and affordability at scale in the Indian hospital segment,” said Kartik Srivatsa, managing partner, LGT Lightstone Aspada.
Veda Corporate Advisors, a leading mid-market investment bank, advised the company on the transaction.
Established in 1999, Kauvery Hospitals has presence across 5 cities in Tamil Nadu, spanning tier-1 and tier-2 markets namely Trichy, Chennai, Salem, Hosur and Kariakudi.
It offers services primarily in the areas of cardiology, gastroenterology, nephrology, neurosciences, trauma, critical care & oncology.
It had recently set up comprehensive and advanced neuro and spine treatment for complex spine deformity correction surgeries.