Quadria-led bloc buys stake in Medica Group.

A consortium led by private equity fund Quadria Capital has picked up a majority stake in Kolkata-based hospital chain Medica Group. The other members of the consortium are development finance institutions DEG of Germany and Swedfund of Sweden.

Medica currently runs a 400-bed super speciality hospital in Kolkata and has four other facilities in West Bengal, Jharkhand and Assam.

According to Amit Varma, Managing Partner, Quadria, the consortium has invested an undisclosed sum to acquire ICICI Ventures' stake and infuse fresh capital, through a mixture of debt and equity, for expansion of Medica.

The PE firm has recently created a healthcare-focused Asia fund of $300 million (nearly Rs. 1,866 crore). According to Alok Roy, Chairman and Managing Director, Medica, the company has taken up a Rs. 450-crore investment plan to set up a cancer hospital in Kolkata and expand the total bed capacity by nearly four-fold from 800 to 3,000 in two years.

HBL