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Government of Singapore Investment Corporation (GIC), the sovereign wealth fund of Singapore, has invested $100 million (Rs. 500 crore) for a minority stake in Vasan Healthcare, which is in the business of providing outpatient driven dental and eye care health services.
The deal involved a primary and secondary investment by GIC into Vasan Healthcare. The secondary transaction involved purchase of securities by GIC from Sequoia Capital, the promoters of Vasan Healthcare and a few other key employees and doctors engaged by Vasan Healthcare. Amarchand Mangaldas advised Sequoia Capital. The team was led by Partners Reeba Chacko and Arjun Lall
AZB & Partners advised GIC with a team led by Partner Vineetha MG while HSB Partners advised Vasan Healthcare with a team led by Partner T.K. Bhaskar.
The investment will help Vasan Healthcare expand its network of eye hospitals from its current 102 and its dental hospitals from the present 14 centres through a mix of organic as well as inorganic routes. Incorporated in 2002, Vasan Healthcare employs 600 ophthalmologists and over 140 dentists as part of it’s over 6,000 employees.
Vasan Healthcare had in 2009 raised around $22 million from Sequoia Capital and Westbridge Capital. The investors combined still hold a minority stake in the company.
GIC had earlier invested $100 million through FCCBs in Fortis, India's second-largest hospital company. In the past, GIC has made PE investments in GVK Energy and Hero Investments. In GIC-GVK investment, GIC was advised by AZB while GVK was advised by Amarchand. In GIC-Hero transaction, Desai & Diwanji acted for GIC while J. Sagar Associates advised Hero investments.