GPT Healthcare Pvt Ltd, a Kolkata-based company which operates a chain of hospitals, has raised an undisclosed amount in private equity funding from BanyanTree Growth Capital, as per a company release.
The company operates three hospitals under the brand name of ILS Hospitals and has 370 operational beds serving 10,000 patients per month and is focused exclusively on the eastern region of India.
It is part of privately held GPT Group, which is also behind civil engineering firm GPT Infraprojects and GPT Castings. The healthcare unit was the first business unit of the group having been set up in 2000. Over the years GPT has transitioned from a single laparoscopic surgery centre to a multi-specialty healthcare chain.
The deal has been struck through BanyanTree Growth Capital – II and the PE firm will have a representative on the GPT board.
This is BanyanTree’s first investment in the healthcare sector, the fourth in the current calendar and the sixth investment from BanyanTree Growth Capital – II which closed in September 2013 with a corpus of $175 million.
Banyan Tree Growth Capital II announced its first close in July 2012 for close to $100 million.
Earlier this year BanyanTree made an investment in Pune-based producer of packaged Indian ethnic foods Nilon’s Enterprises Pvt Ltd.
(Edited by Joby Puthuparampil Johnson)