HCG Enterprises Raises Rs 500 Million From IDFC Private Equity

Launches Nationwide Network For Oncology Care And Research

EHM News Bureau

Bangalore-based HealthCare Global Enterprises Limited (HCG), a leader in oncology care in the private sector in India, announced today that it has raised Rs. 500 million in equity from IDFC Private Equity Fund II, a fund managed by IDFC Private Equity.

HCG provided details of its plan to develop a nationwide network dedicated to oncology. The first phase of the plan entails an investment of Rs 1,500 million and includes 13 new cancer treatment centres at various locations and expansions to Bangalore Institute of Oncology, PET-CT centre and GMP radio-pharmaceutical unit and central reference laboratory and clinical trials management centre.

Dr Ajai Kumar, Chairman and Promoter of HCG Enterprises, said "We chose to partner with IDFC Private Equity based on a shared vision to build a nationwide network for oncology care and research in India. We are impressed with their long-term commitment to infrastructure development in healthcare in India and their focus on partnership and relationships".

Gans Ganapati, Executive Director and Co-Promoter of HCG Enterprises added, "the investment by IDFC Private Equity will help us establish the infrastructure - technology, systems and processes - essential for our growth." Prakash Karnik, Executive Vice President, IDFC Private Equity said, "We are excited about our investment in HCG and its business model and prospects. We believe that HCG is very well positioned to shape the future of oncology care in the private sector in India." Meghraj SP Corporate Finance advised HCG Enterprises on this transaction.

HCG Enterprises Limited is a leading private sector oncology institution in India. HCG is a physician-led initiative that owns and manages a network of cancer centers, including the Bangalore Institute of Oncology, the Curie Center of Oncology, the Bharath Hospital and Institute of Oncology in Mysore and the Malnad Hospital and Institute of Oncology in Shimoga. Triesta Sciences is the research services arm of HCG that undertakes molecular research as well as offers clinical trials and laboratory services in the field of oncology.

IDFC PE is the leading private equity investor in infrastructure in India. It manages funds of Rs 28,500 million (USS 630 million). Other investments of IDFC PE include GMR Infrastructure, Gujarat State Petronet, Chalet Hotels, Hotel Leelaventures (exited), Delhi International Airport, L&T Infrastructure Developers, Gujarat Pipavav Port, Manipal Health Services and International Recreation Parks.