Published On:October 18 2011
Story Viewed 2770 Times
Alliance Medicorp to raise Rs.60 Crore from PE investors
Alliance Medicorp, a joint venture between Apollo Hospitals and Chennai-based medical technology company Trivitron Healthcare Pvt Ltd, is planning to raise around Rs 60 crore from private equity (PE) investors to fund its expansion plans.
Post-dilution, Apollo Hospitals would have around 51 per cent stake, Trivitron Healthcare would hold around 30-35 per cent stake and the rest would be with the investors.
Trivitron Healthcare, which is into manufacturing of medical technology products including imaging products, has recently announced a strategic investment in Mumbai-based Kiran Medical Systems Ltd, which manufactures image enhancement accessories and radiation protection products. The move is aimed at strengthening its operations in the medical imaging segment.
The strategic investment is a combination of cash and stock swap, and the agreement includes options for Trivitron to increase its shareholding over the next few years.
The total capital base of Rs 100 crore will be utilised for Medforts expansion plan for the next two years. Diabetes and eye-care centres will come up in Andhra Pradesh, Punjab, Haryana, Maharashtra, Tamil Nadu, and Karnataka. Medfort is also setting up a centre in Ras Al Khaimah, UAE.
Plans are also on to expand into Africa, South Asia and South East Asia.