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ASK Pravi, a joint venture between ASK Group and Pravi Capital, on Wednesday picked up a minority stake in Hyderabad-based OMNI Hospitals for Rs 60 crore. Anand Vyas, managing partner of ASK Pravi Capital Advisors, will join OMNI's board.
OMNI Hospitals will utilise the money from the stake sale to expand across south and east India over the next three to five years. Promoted by INCOR Group, it operates two hospitals, one in Hyderabad and one Visakhapatnam.
Surya Reddy Pulagam, managing director of OMNI Hospitals, said the ASK Pravi has experienced professionals who can help expand OMNI's operations.
Jayanta Banerjee, managing partner of ASK Pravi Capital Advisors, said, "Our strategy is partnering with entrepreneurs seeking to expand businesses that serve the domestic market... this investment fits in."
For this transaction, Spark Capital was the sole financial advisor to OMNI Hospitals. Tatva Legal acted as the legal advisors to ASK Pravi and Grant Thornton conducted the financial and accounting due diligence for the transaction.
ASK Pravi is the investment manager of ASK Pravi Private Equity Opportunities Fund, which focuses on fast-growing unlisted businesses which benefit from domestic consumption demand.
ASK Group's assets under management is about $1 billion in equities and real estate. Pravi Capital has made 26 investments involving capital funding of $300 million and 14 exits.
