ASG Eye Hospital (ASG), a chain of super-speciality hospitals delivering eye care services, and the strongest bidder for acquiring Vasan Eye Care network, plans to revive the once-premier institution of eye care hospitals in India.
ASG has been on an acquisition spree through the pandemic and has recently acquired two sizeable chains in North India, emerging as a significant healthcare platform. The company has special plans for Vasan Eye care. “The Vasan acquisition will be a perfect geographic fit with ASG, and a unique opportunity to establish ASG as a world-class healthcare delivery platform with a scaled South India platform and truly PAN India reach,” said Aakash Sachdev, Director, ASG Eye Hospital and Managing Director, Foundation Holdings.
“There is a 100-Day plan being formulated that will serve as the foundation to Stabilize, Strengthen and Grow Vasan. ASG intends to leverage the existing resources to revive the lost glory of Vasan. Post completion of the acquisition, ASG will have the widest geographical footprint amongst all healthcare delivery providers in India,” he said.
In 2017, the National Company Law Tribunal (NCLT) had ordered the commencement of insolvency proceedings against Vasan Eye Care, after it failed to repay debts of over Rs 2,000 crores and its creditors dragged the company to the NCLT to recover their dues. MGM Healthcare, Maxi Vision Eye Hospital and Dr Agarwal’s Health Care were the other bidders in the hotly contested process.
“In February 2022 ASG’s offer to acquire the debt-laden Vasan Eye Care chain was approved by its Committee of Creditors. ASG is awaiting final approval from NCLT on its Resolution Plan,” said Sachdev. The company said that the acquisition of Vasan Eye Care, the beleaguered eye care chain, will give ASG the widest geographical footprint among healthcare chains in the country with hospitals in over 20 states.
Active since 2005, ASG Eye Hospital has a chain of over 50 specialty eye hospitals across 16 states in India and also in Uganda, and Nepal. Foundation Holdings partnered with ASG in 2019 when the group had under 25 hospitals. The company has a presence in Tier 2 and 3 cities and covers North and East India. The company is further planning to expand its presence in the West and South.
“We have recently launched our first state-of-the-art facility in the Mumbai suburb of Dombivli. This is the first in Mumbai and the fifth in Maharashtra. Mumbai remains an important market for us, and we will strengthen our presence by opening 10 more hospitals over the next 18 months in the region,” said Sachdev. “The launch of the hospital in Mysore marks our entry into Karnataka. Going forward, the South will be an important market for us. We are aiming to open one hospital every month across India,” he said. Business Today