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| Nova Medical Centers raises USD54 million |
| Tuesday, 14 August 2012 | |
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Nova Medical Centers (Nova) has secured an equity investment of Rs. 3 billion (approximately USD 54 million) from Goldman Sachs and New Enterprise Associates (NEA). Goldman Sachs will invest Rs. 2.2 billion (approximately USD40 million). NEA will make an add-on investment of Rs. 800 million (approximately USD14 million). NEA had earlier invested USD15 million into the company. The investments will be used to further expand the company's specialty surgery and fertility businesses. Suresh Soni, chairman and CEO, Nova Medical Centers, said, "This landmark investment from Goldman Sachs and NEA will accelerate the expansion of Nova's footprint across the country both organically as well as through acquisitions. This will ultimately better serve India's healthcare delivery services industry, surgeons and, most importantly, patients." "Both Goldman Sachs and NEA have extensive experience in investing in India and backing healthcare companies that have gone on to become international institutions", he added. Ankur Sahu, co-head of private equity in Asia at Goldman Sachs, said, "This investment is consistent with our strategy to partner with experienced management teams and owners to build high quality businesses of scale in under-served sectors critical to India's growth." Ankur Sahu and Harsh Nanda, executive director at Goldman Sachs, will join the Board of Nova. – Communications Today Bureau |
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