ICICI Venture, an Indian private equity fund, has sold its 30% stake in hospital chain Krishna Institute of Medical Sciences to its competitor General Atlantic for Rs8.5bn ($578m).

With this deal, ICICI Venture has made four-fold returns on its initial investment made four years ago, reported Economic Times.

In a text message to Economic Times, KIMS chief executive Bhaskar Rao stated: “Yes, ICICI Venture has exited, but we don’t know the value. The money is not coming to KIMS.”

This stake sale the value of Hyderabad based hospital chain, KIMS, to Rs27bn from rs 8.5bn in 2014.

In 2014, ICICI Venture had invested about Rs2.2bn in KIMS, which had around KIMS secured the SEBI approval for a public offer but later  had to delay its plan to sell shares  as a result of regulatory changes and pricing uncertainty.

In its prospectus, the hospital chain claimed that regulatory challenges were probably lead to “adverse impacts” on the business.

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In its public offer document filed with the regulator, the company stated: “Reforms in the health care industry and the uncertainty associated with pharmaceutical pricing, reimbursement and related matters could adversely affect its business and results of operations.”

Set up in 2000, KIMS Hospitals is one of the corporate hospitals group in South India. It has over 2,000 beds across its six locations in the states of Telangana and Andhra Pradesh.