Chennai-based Dr Agarwals Eye Hospitals is planning to invest at least Rs 1,000 crore in expanding its footprint across the country by adding another 100 eye hospitals and around 500 outreach centers in the next three years. The company is also planning to go for an initial public offering (IPO) in 18-24 months.
On Friday, Aditya Jyot Eye hospital, one of Maharashtra’s leading eye care facilities, merged with Dr Agarwals Eye Hospital, becoming the 100th centre of the eye hospital chain. “We are looking to expand our footprint to 200 hospitals and 500 outreach station in the next three years, at an investment of around Rs 1,000 crore,” said Adil Agarwal, chief executive officer of Dr Agarwal’s Eye Hospitals. A large chunk of this investment is going to come in Maharshtra, where it is planning to come up with 20 eye hospitals and 100 outreach clinics in the next three years at an investment of Rs 300 crore.
He said that the company will raise the money from existing investors, internal accruals and by going for a fresh round of fundraising. “Once we achieve a sizable chunk of our expansion of at least 150 hospitals, we may go for an IPO in the next 18 to 24 months,” he added.
The Group’s presence spans across 11 countries and over 10 states in India. Its facilities are staffed by a team of over 400 ophthalmologists and 4,000 employees. The company claims to have treated over 12 million patients so far and also offer academic and research programmes in ophthalmology and related fields. The chain has been on a growth spree across the country, with more than 60 units added to its network in the past five years alone.
Aditya Jyot Eye Hospital is a four-storey facility in Wadala in Central Mumbai. The first NABH-accredited eye hospital in the city, it is one of the very few facilities with all specialities of eyecare under one roof, making cross consultation easy and seamless.
Dr Amar Agarwal, Chairman, Dr Agarwals Eye Hospitals, said: “We are absolutely delighted that Aditya Jyot eye Hospital, which is counted as among Mumbai’s top eyecare facilities, is now a part of Dr Agarwals Eye Hospitals. This is a very significant milestone for us as we have literally hit a century with this merger. Aditya Jyot Hospital becoming a part of our chain has taken our total tally of eyecare facilities across India and abroad to 100.” Business Standard