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May 03, 2012

Deal Alert: RVCF acquires 11% in cardiac care hospital Frontier Lifeline

From the Press Release:

Jaipur-based Rajasthan Venture Capital Fund (RVCF) has acquired 11% equity stake in Chennai based cardiac care hospital Frontier Lifeline Private Limited for an undisclosed amount. RVCF invested in the company through its Rs 200 Cr SME Tech Fund which invest pan India in IT, education, , healthcare, agro products, auto components and other growth sectors. Girish Gupta, CEO of RVCF will joining the board of the company.

Established in 2003, the company is primarily engaged into running cardiac specialty hospitals at various locations including Chennai, Parumala (Kerala), Thrivalla (Kerala). The company is implementing its Contract research, Tissue engineering and Educational initiatives through its integrated healthcare park “Frontier Mediville” located around 45 kms from Chenna in 106 acres. The company is promoted by Padmashree Dr. KM Cherian who is considered to be the pioneer in pediatric cardiac surgery in India, and has held prestigious positions in India and abroad. Dr. Cherian has performed more than 36,000 operations and has been bestowed upon various awards and recognitions.

“Healthcare industry is growing at 15% compound annual growth rate (CAGR) and is expected to reach the market value of USD 280 billion by 2022. Private healthcare accounts for nearly 80% of the country‘s total healthcare expenditure, even though it is more expensive than public healthcare services. Frontier Lifeline through its promoter and experienced team is set to leverage this burgeoning demand in India and outside,” said Girish Gupta, CEO of RVCF.