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GTI to raise exposure in Nova’s surgical centres

GTI to raise exposure in Nova’s surgical centres
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First Published: Mon, Jan 11 2010. 11 41 PM IST
Updated: Mon, Jan 11 2010. 11 41 PM IST
Mumbai: US-based venture capital group GTI Llc will increase its investment in Bangalore-based Nova Medical Centres Pvt. Ltd to expand the firm’s day-care surgical centre network across the country, the Indian firm said on Monday.
GTL will invest Rs1,000 crore spread equally across 100 centres in 10 cities in India, which will perform surgeries that allow patients to be discharged within 24 hours of the procedure.
GTI and Bangalore-based surgeon Mahesh Reddy will together have a 70% stake in the expanded entity, while 40 doctors, who will also head these centres, will own the remaining stakes.
Day-care surgical centres are a new concept in India. They are generally run by speciality doctors, typically in general surgery, gynaecology, eyecare, and orthopaedics, among others.
Such centres are 15-20% more cost-efficient compared with large multi-speciality hospitals, said Girish Rao, managing director and chief executive of Nova.
“While a few corporate hospitals in the private sector are aiming at a huge chunk of this market by setting up medium to large hospitals, it is estimated that a large pool of investments from individual doctors and even corporate investors would catch up with the idea of day-care surgical centres,” said Chitaranjan S. Ranavat, an orthopedic surgeon and independent member on the board of Nova.
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First Published: Mon, Jan 11 2010. 11 41 PM IST