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IVFA targets Manipal Hospitals for fourth Indian healthcare purchase

14 May 2012

India Value Fund Advisors (IVFA) is set to pay about $93m for a minority stake in Indian healthcare provider Manipal Hospitals, it is understood.

The funds will help the group increase its bed capacity by more than a third, to 2,200, according to Indian business website DealCurry.

It said Manipal also plans to set up three more multi-speciality hospitals across the country to add another 1,200 beds to its capacity.

The investment would be IVFA’s fourth into the Indian healthcare sector, two of which it has already exited.

IVFA divested its stake in CARE hospitals in 2004 following a three-year holding period, and exited TTK to Swiss Re in 2007 following a 2004 purchase.

It currently holds a stake in Middle East and India-based Dr Moopens Group, which it bought in 2007.

The firm closed its fourth fund on $725m in 2009, which is slated for investments in pharmaceuticals, healthcare, retailing and supply chain management, outsourced services and media and entertainment.

The firm focuses on growth and buy-out transactions in the SME sector, typically making equity investments of between $15m and $20m.

IVFA closed its previous fund on $400m in January 2007.

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