Kauvery Hospital has centres in Tiruchirappalli, Chennai, Salem, and Hosur in the Indian state of Tamil Nadu. Credit: Martha Dominguez de Gouveia on Unsplash.

IIFL Private Equity Fund is reportedly set to invest $60m-72m (RS5bn-6bn) to acquire a minority stake in India-based hospital chain Kauvery Hospital, reported VCCircle citing two people with knowledge of the matter.

The deal is expected to value the hospital chain at more than $364m (Rs30bn).

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In October 2022, other investors Quadria Capital and ChrysCapital also showed interest to invest in the Sri Kavery Medical Care-run hospital.

The hospital chain secured $17m (Rs1.4bn) from the existing investor Lightrock, in September 2019.

One of the two people was quoted by the news publication as saying: “IIFL is about to close the deal with Kauvery for a minority stake. The deal will likely be announced in a few days.

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“It is likely to be a mix of a primary and secondary share sale, with the existing investor of the hospital chain Lightrock (previously known as LGT Lightstone Aspada) selling part of its shares in the company. The primary part of the funds raised will be used to expand the business.”

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Founded in 1999, Kauvery Hospital has centres in Tiruchirappalli, Chennai, Salem, and Hosur in the Indian state of Tamil Nadu.

Kauvery also operates a centre in Bengaluru in the state of Karnataka.

As of 30 June 2022, the multi-speciality hospital had 1,284 combined capacity of installed beds.

As per the report by credit rating agency Brickworks Rating, the hospital chain generated consolidated revenue of $102m (Rs8.46bn) in the fiscal year 2022 (FY22).