ICICI Venture, the largest domestic private equity fund, is all set to sign a deal with a foreign strategic investor in its endeavor to become a health care investment major in the country. The strategic partner would invest $80 million in IVEN Medicare – the fully-owned subsidiary of ICICI Venture. “Currently, we have $80 million in IVEN from ICICI India Advantage Fund Series II, and we would raise another $90 million through debt. So, the entity would have a capital base of $250 million to start with,” said Alluri Srinivas Rao, director (investments), ICICI Venture. Although Rao refused to divulge further details about the partner, a formal announcement regarding the tie-up would be made by the end of the month. The new company would acquire majority stakes in key regional hospitals and thereby become a large healthcare player. The company hopes to use its large balance sheet and size to buy equipment, help hospitals raise money and hire doctors. The company has already invested in three major healthcare units in the country, and plans to invest Rs 200 crore in a couple of South- based hospitals in Karnataka and Tamil Nadu. “At the moment, apart from these five projects, we have seven deals in the pipeline. So, the initial corpus of $250 million would be utilised for investments in these projects,” Rao added. ICICI Venture today announced an investment of Rs 65 crore in Kolkata-based Medica Synergie (MSPL). The investments, made through I-VEN Medicare, would be used for the expansion of MSPL.