INCOR will continue to exercise its expertise in the acquisition and transformation of sick hospitals into profitable centers
INCOR Healthcare has raised Rs 1,550 million in funding from Emerging India Credit Opportunities Fund I (EICOF I), a Tier II alternative investment fund registered by SEBI and managed by Investec, with co-investment by Investec Bank.
INCOR’s expansion plan, under the OMNI Hospitals brand, is to increase the number of beds from 800+ to 1,500 – 2,000 beds (depending on the availability of investments) over the next five to six years . There will also be a geographic expansion, from the current presence of two Indian states to five Indian states. INCOR will continue to exercise its expertise in the acquisition and transformation of sick hospitals into profitable centres. This growth will be supported and enabled by a paperless technology environment and a patient engagement portal that will open up franchise opportunities for further growth.
Dr Aloke Chandra Mullick, Group CEO, OMNI Hospital, said: “There has been renewed interest and growth momentum in this area over the past two years. We plan to grow our asset base and finances, to be ready for an IPO in three years.
Ankit Shah, Group Chief Financial Officer, OMNI Hospital, said: “This transaction was the fastest closing for any institutional investor-backed investment in INCOR, within the closing time frame. The funding helps INCOR solidify its consolidation strategy by giving an exit to its exiting private equity investor, ASK Pravi.”