Bangalore: To fund its expansion plans, Manipal Hospital is to raise almost a $100 MillionIndia Value Fund Advisor (IVFA) by offering minority stakes. The group is planning to use the fund to upgrade the current facilities and technology used in the Hospitals and is eyeing on increasing the bed capacities of the Bangalore, Mangalore and Goa centers.
Manipal Hospitals led by Ranjan Pai had raised about $20 Million from Kotak Private Equity Group earlier in 2010. By 2014, the group wants to establish Greenfield multi-specialty hospitals in Pune, Hyderabad and Bhubaneshwar.
“Manipal may fetch about $280 Million valuations, giving the new investor a fairly large minority stake. They are in active discussions with three funds, including IVFA and an agreement may be reached soon. The initial deal may fall anywhere between $50 Million and $100 Million,” reported Times of India.
A Rs 100 crore neutri/neutraceutical and phytopharmaceutical (N2P2) project would be developed in Mysore, according to a key government official. The Vision Group on Biotechnology headed by Dr. Kiran Mazumdar-Shaw has recommended sector-specific biotech parks to be set up in tier 2/3 cities of the State and this project is one such to be developed in Mysore, Principal Secretary in the Department of Information Technology, Biotechnology and Science and Technology, M N Vidyashankar told PTI here.
The private partner for development of this project has been selected following a tender process. The state Cabinet has given its clearance. The State GovernmentÂ’s major role in the project is to develop the R & D zone. “M/s. JSS Mahavidyapeetha are the successful bidders for the project, estimated to cost about Rs 100 crore,” Vidyashankar said. He said the biotech sector faces talent shortage and to address this, the State Government has initiated the BT Finishing Schools project.
As many as 12 educational institutions have been selected by a Committee headed by Dr G Padmanaban to establish such schools, covering Bangalore, Mysore, Manipal, Mangalore and Gulbarga. “The BT Finishing School concept involves academics for six months and industry internship for six months. The students are assured of a job after they clear the one year Diploma course,” Vidyashankar said. The students for BT Finishing Schools have been selected through an entrance test and interview conducted by the educational institutions.The course has commenced in September 2011.
Regular monitoring is done by a High Level Committee headed by Principal Secretary Â– Information Technology, Biotechnology and Science and Technology,and Prof G Padmanaban. The courses and other day-to-day matters are steered by another Committee comprising the educational institutions, it was stated. ( Enjoy Moneycontrol.com on iPad and be prepared for a fantastic experience. Get real time stock quotes, interactive charts, market buzz, and watch CNBC-TV18, CNBC Awaaz live on your iPad. Check out the free moneycontrol app.