ICICI Ventures to invest in Pune hospital

ICICI Ventures, the private equity arm of ICICI Bank, today announced an investment of Rs 140 crore in Pune-based Sahyadri Hospitals.

The investment will be routed through IVEN Medicare, a special purpose vehicle floated by ICICI Ventures to manage its investments in the healthcare sector.

Sahyadri Hospitals currently runs a 250-bed super speciality hospital, two secondary care hospitals and one clinic in Pune.

Dr Charudatta Apte, chairman, Sahyadri Hospitals, said the company wants to develop a network of healthcare facilities across Maharashtra using the hub-and-spoke method.

"Sahyadri Hospitals intends to create a network of hospitals and care centres to reach 1,000 beds in one year and 3,000 beds in three years with an investment of about Rs500 crore," Apte said.

The company will look at setting up fresh hospitals, taking over existing hospitals as well as working with social organisations to reach the intended capacity, he added.

The expansion will initially be around Pune extending to Navi Mumbai, western Maharashtra, Marathwada and the rest of Maharashtra in that order.  "Sahyadri will build this network of greenfield units, brownfield initiatives, and will endeavour to work with local doctors, prominent local persons and organisations and business groups to truly integrate itself with the region," Apte added.