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SIDBI Venture Capital Ltd (SVCL) has invested Rs 25 crore in Glocal Healthcare Systems Pvt Ltd, a Kolkata-based unlisted company. SVCL, a wholly-owned subsidiary of SIDBI, became the major investor in Glocal along with two private equities — Sequoia and Elevar.
SVCL put in the money through its fund Samriddhi. PXV Law Partners were advisors to the deal while Kochhar & Co Infrastructure Advisors was the investment banker.
Glocal has taken up a two-year and Rs 400-crore project for setting up 50 affordable new secondary hospitals in rural and semi-urban areas across six States. Currently, it runs five such hospitals.
The project would be funded through equity and debt. Glocal has decided to set up the new hospitals as separate corporate entities as its subsidiaries, which can take in local equity partners, primarily physicians, up to a limit of 35 per cent.
“We have already shortlisted 43 locations and have already bought five plots of land in Krishnanagar in West Bengal, Amroha in Uttar Pradesh, Begusarai and Darbhanga in Bihar, and Jeypore in Odisha. Another 22 sites are to be finalised shortly,” Dr Sabahat S. Azim, CEO and founder of Glocal, said.
Each of the Rs 8-crore hospital will have 100 beds built on around 15,000 square feet land with a G+6 structure and will provide services in medicine, surgery, gynaecology, paediatrics, critical care and emergency, orthopaedics, ophthalmology, ENT and dental care.
> jayanta.mallick@thehindu.co.in
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