Mumbai: India Reconstruction Fund (IndiaRF), an India-focused distressed and special circumstances investment platform. Piramaru Group and bain capital creditin talks with Punjab-based hospital chain Ivy Hospital Two people familiar with the development said they plan to take control of the company at a valuation of more than 1 billion rupees.
Ivy Hospital Founded by Dr. Kanwaldeep Kaur and Gurtej Singh. The company operates four specialty hospital complexes in Khanna, Amritsar, Mohali and Bathinda, and its wholly-owned subsidiary, Ivy Healthcare Infrastructure, operates two complex specialty hospitals in Nawanshar and Hoshiarpur. The total number of beds in this hospital chain is 1,100. We offer a wide range of specialties including neurosurgery, cardiology, organ transplantation, oncology, otorhinolaryngology, ophthalmology, orthopedics, nephrology, urology, gynecology and general surgery.
“IndiaRF is considering acquiring a 51 percent or more stake in the company from Promoter. Promoter will continue to hold a substantial stake in this business and continue to operate it. ‘ 1 billion rupees,” said one of the people quoted above. The person added that investment bank Una Prime is advising on the sale of shares. “India RF is currently conducting due diligence on the business and a final offer is likely to be made by next month,” he added.
Ivey Hospital Group reported revenue of Rs 367.57 crore in the 22nd fiscal year, up from Rs 251.67 crore in the previous financial year, according to data from rating agency Kraisil’s November report. The hospital chain reported a profit of Rs 475.3 crore in FY 2022, up from Rs 7.53 crore in FY 2022.
An email was sent to IndiaRF, but no response was received until this article was published.
“We are exploring various options to leverage the company and expand our footprint in the region.Several highly reputable PE funds have expressed interest in investing in Ivy, It will be early to review available information,” said the Ivy founder. In an email response to ET’s question, Gurutei Singh added that Ivey Healthcare Group has emerged as a leading healthcare provider in the region since its inception some 15 years ago.
IndiaRF invests in various sectors where it can plan to turn around certain businesses through recapitalization.Its portfolio includes Archean chemicalsPrimacy Industries, Trisur Highway, Setco Automotive And Impresario Entertainment.
