Omega Hospitals raises ₹500 crore, eyes expansion
Omega Hospitals has raised ₹500 crore from a fund managed by Morgan Stanley Private Equity Asia.
The investment by the Fund in Hyderabad Institute of Oncology Pvt Ltd, the entity behind the healthcare provider, will support the ambitious plans of Omega Hospitals to expand its presence across multiple States in the country.
This is its first private equity fund raise and the capital will help the company expand its footprint across Telangana and Andhra Pradesh as well as Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and West Bengal, Omega Hospitals said in a release on Wednesday.
Led by well known surgical oncologist Dr. Mohan Vamsy, Omega Hospitals is India’s second largest cancer-focused hospital chain with at least 10 hospitals in multiple cities and a 1,400 bed capacity.
The partnership with Morgan Stanley PE Asia will help accelerate the healthcare provider’s mission to deliver high-quality, full-service cancer care offerings in India amid the rising incidence of cancer in recent years. “We are excited to build Omega Hospitals into India’s largest cancer care chain in the next few years,” Dr. Vamsy, who is the managing director, said.
“The plan is to grow the business through a combination of organic expansion and inorganic acquisitions across the markets. The funding from Morgan Stanley will catalyse our growth plans and help establish leadership position in cancer care,” president Haragovind said.
“From an Asia perspective, we are seeing a significant opportunity in the Indian single specialty hospital space. This will mark our second investment in an Indian cancer hospital chain within a span of 12 months,” MD and co-head of Morgan Stanley PE Asia Arjun Saigal said.
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