Bio_Spectrum_July_2017

(^10) FINANCE NEWS l BioSpectrum | July 2017 | http://www.biospectrumindia.com
The Chennai-based Agarwal’s Eye Hospital chain will raise 160 crore soon to accelerate its expansion plans and achieve the target of growing to 150 hospitals,1400 crore turnover and increased global
presence by 2020. In June, the group will have 75 hospitals (72 with
the opening of one in Hyderabad), of which 61 will be in 8 States and
14 in 9 African countries.
The nearly 60 year old eye healthcare company also wants to
focus on reaching out eye care to people in tier 2 and 3 cities. It will
beef up presence in Kerala with 3 more hospitals and in Hyderabad
with 10. But the next round of growth will be in smaller cities such as
Nizamabad, Warangal and Khammam. Currently with a turnover of
around `400 crore and over 250 doctors on its rolls, the Agarwal’s
Group wants to ramp up its scale of operations to enlist the services of
over 500 doctors and support staff of around 7, 500 by 2020.
Toro Finserve launches IHOF
Toro Finserve LLP Managing Partner Kapil Khandelwal
has launched India Healthcare Opportunities Fund
(IHOF) as SEBI Alternative Investment Fund under
Category 2 with a corpus of $250 million and an additional
leverage of $250 million.
The $500-million fund will invest into stabilised
healthcare real estate, providing sticky long term leases
from stabilised assets such as hospitals, diagnostic
centres, rehab facilities and assisted living facilities with
established healthcare operators in Tier I and Tier II cities
in India. The IHOF has an experienced management
team with in-depth understanding of healthcare and
real estate. The fund has commitments of $110 million
from some state governments in India, UHNIs, Fund of
Funds from abroad. It is expected to start its formal road
show in India and abroad in June-July 2017. IHOF is in
discussions with various banks and financial institutions
for lease rental discounting (LRD) and leverage and
distribution of the fund.
The fund is currently evaluating deals worth $
million in Indian hospital chains, assisted living and
diagnostic centres to issue term sheets.
Agarwal’s Eye Hospital to raise Rs 160 crore
International Finance
Corporation planning
investment in Biological E
International Finance Corporation (IFC), the
private-sector investment arm of the World
Bank, is looking to invest up to $60 million (Rs
387 crore) in Hyderabad-based vaccine maker
Biological E Ltd. The proposed investment will
include debt financing from IFC’s own account
(also called ‘A’ loans) and subscribing to the
company’s non-convertible debentures (NCDs).
Biological E will use the
funds to part-finance the
new manufacturing unit
it is planning to set up
at its vaccine facility in
Hyderabad’s Shameerpet
area. Founded in
1953, the company
manufactures and sells
vaccines either directly
or through supplies to
United Nations Children’s
Fund and Global Alliance for Vaccines and
Immunization. Besides, it also manufactures
generic formulations for the Indian market. In
February, the company laid the foundation for its
new vaccine manufacturing plant, which is being
set up for an initial investment of Rs 300 crore
in a special economic zone on the outskirts of
Hyderabad. Biological E has five manufacturing
units in India, and research and development
facilities in India and France.