Sri Kauvery Medical Care to raise funds, to expand in South

Healthcare service provider Sri Kauvery Medical Care India Ltd (Kauvery Hospitals) on Friday said it would raise Rs 1,400 million from LGT Lightstone Aspada. The fund raised would be utilised for the hospitals' expansion plan in Tamil Nadu and in the southern region.

According to the hospitals' founder-executive chairman S Chandrakumar, the hospital was looking at adding hospitals with a capacity of more than 3,000 beds. "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-plus beds to our network over the next three to five years with major focus on South India," he said in a press release.

He said the expected funds would be invested in the expansion plan which was expected to be around Rs 7,000 million. "This expansion will be done through a mix of strategic partnerships, acquisitions and brownfield hospitals," he said.

Veda Corporate Advisors, a mid-market investment bank, advised the company on the transaction, the release said. LGT Lightstone Aspada's managing partner Kartik Srivatsa said, "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." "We are excited to partner with the team of Kauvery in their goal of setting the benchmark for care standards and affordability at scale in the Indian hospital segment", he said..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)