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Mumbai-based private equity investment advisory company, ASK Pravi Capital Advisors Private Limited, has invested Rs 60 crore in Hyderabad-based Omni Hospitals for a minority stake. ASK Pravi’s managing partner, Anand Vyas, is also joining Omni’s board.
The investment, made from ASK Pravi’s Private Equity Opportunities Fund, which invests in fast-growing, unlisted small and mid-sized companies benefiting from domestic consumption growth in India, will enable Omni to expand its network of hospitals across south and east India.
ASK Pravi Capital Advisors is a JV between ASK Group and Pravi Capital. Omni Hospitals is a tertiary care hospital chain promoted by Incor Group founded by Anand Reddy Gummadi and Surya Reddy Pulagam. Omni currently operates two hospitals in Hyderabad and Visakhapatnam.
“There is a distinct lack of quality healthcare in many Tier-I and Tier-II towns. We believe that Omni can address this need by growing its network of hospitals. Omni plans to expand into a network of tertiary care hospitals across south and east of India in the coming three to five years,” Omni Hospitals’ managing director Pulagam said in a release on Wednesday.
“This investment fits in perfectly with our strategy of partnering with entrepreneurs seeking to expand businesses that serve the domestic market,” said Jayanta Banerjee, managing partner, ASK Pravi.
