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September 12, 2013

Deal Alert: SIDBI Ventures invests Rs.25-Cr in Glocal Health

SIDBI Venture Capital, via its Samriddhi Fund, has invested Rs.25 crore in Kolkata-based Glocal Healthcare Systems Pvt Ltd. PXV Law Partners and Kochhar & Co were advisors to the deal. 

Glocal has taken up a two-year and Rs 400-crore project for setting up 50 affordable new secondary hospitals in rural and semi-urban areas across six States. The project would be funded through equity and debt. Glocal has decided to set up the new hospitals as separate corporate entities as its subsidiaries, which can take in local equity partners, primarily physicians, up to a limit of 35%. Each of the Rs 8 crore hospital will have 100 beds built on around 15,000 square feet land with a G+6 structure and will provide services in medicine, surgery, gynaecology, paediatrics, critical care and emergency, orthopaedics, ophthalmology, ENT and dental care. 

From the Venture Intelligence PE Deal database: In January 2011 Sequoia Capital India and Elevar Equity had invested $1.33 million in Glocal Healthcare Systems.

Source: Business Line

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