India Dealbook: Regency Hospital raising $14m; VE exits Eicher JV

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Healthcare chain Regency Hospital is raising $14 million, while VE Commercial Vehicles has divested its entire stake in Eicher Engineering Solutions USA to Segula Tecnologias Espana.

Regency Hospital raising $14m from IFC, Healthquad, KOIS

Healthcare chain Regency Hospital is raising $14 million (Rs 92 crore) from a group of global funds such as International Finance Corporation (IFC), Healthquad and KOIS, said a Times of India report quoting sources.

It was reported last year, the multi specialty tertiary care corporate hospital, was raising Rs 159.8 crore ($23.9 million) for its expansion plans for which IFC had proposed to invest invest Rs 61.5 crore ($9.2 million).

According to sources quoted in the report, the Kanpur-based company entity plans to invest Rs 350 crore and grow to a 1500-bed capacity hospital network over next two years.

It will open new hospitals and clinics across important locations in Central and Eastern UP along with adding 15 new dialysis treatment centres.

VE Commercial Vehicles exits JV Eicher Engineering Solutions USA

VE Commercial Vehicles, the 50:50 joint venture between Eicher Motors and the Volvo Group, has divested its entire stake in Eicher Engineering Solutions USA to Spanish corporation Segula Tecnologias Espana for $1.85 million.

VE Commercial Vehicles has sold 100 per cent of its shares in its wholly-owned subsidiary.

“Eicher Engineering Solutions, Inc. and its wholly owned subsidiaries, Eicher Engineering Solutions (Shanghai) Co. Ltd and Eicher Engineering Solutions (Beijing) Co. Ltd. have ceased to be subsidiaries of VECV and in turn of the Company w.e.f. March 17, 2017,” the company said in a regulatory filing.

According to the filing Eicher Engineering Solutions, Inc. had incurred a loss of $0.89 million during FY 2015- 16. It had a negative networth of $1.74 million as at 31 March 2016.

“This divestment is part of VECV’s focused plans towards driving modernisation in commercial transportation in India and the developing world. Our immediate business outlook continues to remain positive and we are on track with all our strategic plans and initiatives,” said Vinod Aggarwal, MD & CEO VE Commercial Vehicles said.

 

Also Read:

India: IFC investing upto $10m in Kanpur-based Regency Hospital

India: Promoters divest 4.2% stake in Eicher Motors to raise $314m