The Chennai-based Sri Kauvery Medical Care which has Hospital chain and healthcare centres across Tamil Nadu has raised Rs 1,400 million equity capital from LGT Lightstone Aspada.
The proceeds from this round will be used to expand its footprint across South India.
“Kauvery Hospitals is excited to welcome LGT Lightstone Aspada as its new investor. We are looking at adding 12-15 hospitals with an aggregate capacity of 3,000+ beds to our network over the next 3-5 years with a major focus on South India. The expected funds to be deployed for this proposed expansion will be around Rs 7,000 million. This expansion will be done through a mix of strategic partnerships, acquisitions and brownfield hospitals.” said Dr. S. Chandrakumar, Founder, Executive Chairman, Kauvery Hospitals was quoted as saying.
Dr. S. Manivannan, Co-founder, Managing Director, Kauvery Hospitals said that “We believe that the investment from LGT Lightstone Aspada is an endorsement of Kauvery Hospital’s success in creating a model delivering high quality healthcare services at affordable prices to its patients across all markets. Kauvery Hospitals will continue to drive growth with focus on efficiency and patient care”.
“Healthcare is one of our core themes of focus. Our investment in Kauvery is an important milestone in our effort to contribute towards building an interconnected healthcare system in India that improves overall health outcomes and affordability. We are excited to partner with the team at Kauvery in their goal of setting the benchmark for care-standards and affordability at scale in the Indian hospital segment” said Kartik Srivatsa, Managing Partner LGT Lightstone Aspada.
Having presence in five cities across Tamil Nadu-Trichy, Chennai, Salem, Hosur and Kariakudi, Kauvery Hospital offers services primarily in the areas of cardiology, gastroenterology, nephrology, neurosciences, trauma, critical care and oncology.