ASK Pravi invests in OMNI HospitalsPosted on: August 28, 2014
Investment to help OMNI Hospitals to expand in South and East India
ASK Pravi, a JV between ASK Group and Pravi Capital, has announced its investment in OMNI Hospitals, Hyderabad. The investment of Rs 60 crore will give ASK Pravi a substantial minority stake. The infusion of funds will enable OMNI Hospitals expand its network of hospitals across south and east India. Anand Vyas, Managing Partner of ASK Pravi Capital Advisors, is also joining the board of directors.
OMNI Hospitals is a tertiary care hospital chain promoted by INCOR Group founded by Anand Reddy Gummadi and Surya Reddy Pulagam. It already operates two hospitals in Hyderabad and Visakhapatnam.
Speaking about the investment, Pulagam, Managing Director, OMNI Hospitals, said, “OMNI plans to expand into a network of tertiary care hospitals across South and East of India in the coming three to five years. The investment from ASK Pravi also helps bring on board experienced private equity professionals who can work closely with us as we scale up our operations.”
Vyas, Managing Partner, ASK Pravi Capital Advisors said, “OMNI Hospitals has successfully demonstrated the ability to execute and manage a scalable asset-light hospital model. They have made a mark in providing affordable high quality healthcare services in a short span of time. Their philosophy of involving key doctors and creating value through a shared ownership will help the company as it scales up its operations across different towns.”
Jayanta Banerjee, Managing Partner, ASK Pravi Capital Advisors, said, “This investment fits in perfectly with our strategy of partnering with entrepreneurs seeking to expand businesses that serve the domestic market. In keeping with our philosophy of ‘Active Investing’, we are excited to partner with OMNI as it builds its network of hospitals.”
Spark Capital acted as the sole financial advisor to OMNI Hospitals for this transaction. Tatva Legal acted as the legal advisors to ASK Pravi and Grant Thornton conducted the financial and accounting due diligence for the transaction.