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ICICI Venture arm to invest Rs65 crore in Medica Synergie

ICICI Venture arm to invest Rs65 crore in Medica Synergie
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First Published: Tue, Jan 15 2008. 03 21 PM IST
Updated: Tue, Jan 15 2008. 03 21 PM IST
PTI
Kolkata: I-Ven Medicare, a special vehicle for investments of ICICI Venture, will invest Rs65 crore in Medicare Synergie Pvt Ltd, a healthcare chain based in the eastern region.
Announcing this here on 15 January, director ICICI Venture and I-Ven Medicare Aluri Srinivasa Rao told reporters this was the first round of financing in Medicare Synergie. A second round of another Rs65 crore would be done in 18 months, Rao said.
He said the I-Ven Medicare would make an exit after a period of three to five years in the healthcare chain.
About I-Ven Medicare, Rao said the vehicle would invest in 12 healthcare projects across the country.
He said I-Ven was talking to a strategic partner for picking up stake in the vehicle.
The total kitty size of I-Ven would $ 250 million, out of which $ 90 million would be raised as debt, and the balance shared equally between the two.
Chairman and managing director, Medicare Synergie Alok Roy said his company would set up eight hospitals in the eastern region including Kolkata, at a cost of Rs270 crore.
Medicare Synergie plans to have 2,400 beds in one year, he said.
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First Published: Tue, Jan 15 2008. 03 21 PM IST