CHENNAI: ASG Eye Hospitals network has taken control of Tamil Nadu-based Vasan Eye Care hospitals after the transfer of ownership. The value of the acquisition is Rs 526 crore and Vasan will continue as an independent brand, according to a statement from ASG.
The National Company Law Tribunal (NCLT) has ordered an insolvency proceeding against Vasan Eye Care based on a petition from its supplier in 2017.
Following the receipt of approval from the Committee of Creditors (CoC) with 98% votes for the resolution plan, the Chennai Bench of the NCLT approved the acquisition on February 3. Its investors include Foundation Holdings, General Atlantic, and Kedaara Capital.
“Post this strategic acquisition, we are proud to expand our network presence in South India. Vasan Eye Care is a valued and respected name in eye care and will continue as an independent brand,” said Dr Arun Singhvi, Chairman and Managing Director of ASG Hospital.
ASG Eye Hospitals was founded in Jodhpur, Rajasthan by Dr Singhvi and Dr Gang and has nearly 54 speciality eye hospitals across 17 states in the country and abroad. With the addition of Vasan Eye Care, ASG Eye Hospitals’ network will increase to over 150 hospitals.