CHENNAI: Dr Agarwal's Health Care Limited has raised Rs 1,050 crore from TPG Growth, one of the leading investment firms in the US, and from existing investor Temasek, a global investment company headquartered in Singapore.
Speaking to reporters on Tuesday, Dr Amar Agarwal, Chairman, Dr Agarwal's Group of Eye Hospitals said this is the largest private equity deal ever made by a single specialty hospital (eye care) in India. The investment will be used for the expansion of the group's hospitals in India and abroad. The deal could also mean the exit of its existing investor - ADV Partners.
Amar said the group, which has 105 eye hospitals across the globe now, will raise the number to 200 in the next two to three years. Additionally, 500 eye clinics, '2020 eye care centres', will be set up in tier 2 and tier 3 cities as part of extending their services, he added. Six of the hospitals, including four in Pune, will be opened this month.
The target is to open two to three hospitals every month, and increase the number of patients getting treatment every day from 25,000 to 50,000, said Amar.
Dr Adil Agarwal, CEO of the group, said they aim to take the technology at their disposal to smaller towns as well. The hospital is also looking to enter markets such as Maharashtra, Gujarat, Punjab, Karnataka, Andhra Pradesh, and Telangana. In the international market, it aims to strengthen its presence in countries such as Kenya, Mozambique, Tanzania, and Ghana.
Amar said they now have a team of 500 doctors and 4,000 staff, and are soon going to hire 500 doctors and 10,000 staff. Dr Soundari, Head of Medical Services of the hospital in Chennai said the expansion will help them take the special eye procedure provided to patients in Chennai, to the nook and corner of the country.
This will also cut down on the travel time for the patients, and the other costs they have to bear. "In India, 1.2 to 1.8 crore people are blind, of which 55 per cent cases are due to cataract, which is preventable. The number shows that we need more hospitals in India to eradicate blindness," said Amar.