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ICICI Venture, keen on part of healthcare pie invests USD 10 million in hospital chain

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Private equity firm ICICI Venture has invested USD 10 million to pick a minority stake in urology hospital chain RG Stone Urological Research Institute. RG Stone, which is owned by Delhi-based Bansal family, will use the fund to set up 20 new hospitals across the country by 2008. RG Stone currently has six hospitals spread across India. In the first phase, the institute plans to set up its own super-speciality hospital in Goa primarily to cater to foreign patients. In addition, RG Stone will set up speciality urology divisions in tie-up with some existing hospitals. These would include S K Soni Hospital (Jaipur), Kamyani Hospital (Agra), Saguna Hospital (Bangalore) and Ivy Hospital (Mohali). These projects are expected to be completed by the end of this year. In the second phase, the company plans to add 15 new hospitals by September, 2008.

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