Vasan Eye Care to remain an independent eye care brand
ASG Eye Hospitals has taken operational control of Vasan Eye Care following the completion of all formalities and transfer of ownership. The receipt of approval from the Committee of Creditors (CoC) with 98 per cent votes for the resolution plan was followed by the approval of the Chennai Bench of the National Company Law Tribunal (NCLT) on February 3, 2023, for the acquisition with a bid value of Rs 526 crores. The successful completion of the acquisition marks a significant milestone in ASG Eye Hospitals’ journey to expand into new and underserved markets in India and make quality eye care accessible to all.
With the addition of Vasan Eye Care, ASG Eye Hospitals’ network will increase to over 150 hospitals PAN India, thereby establishing the largest geographical footprint among all healthcare delivery providers with a presence in 21 states across the country. Further, this strategic acquisition will strengthen ASG’s position in the healthcare industry and enhance its market presence across India.
Dr Arun Singhvi, CMD, ASG Hospital said, “Since 2005, ASG Eye Hospitals’ doctor-led model has stood for clinical excellence and quality eye care for all. Post this strategic acquisition, we are proud to expand our network presence in South India. Vasan Eye Care is a valued and respected name in eye care and will continue as an independent brand. We are delighted and excited to welcome the Vasan team to the ASG family to join our mission to enhance the delivery of quality eye care for all and improve the quality of life across India. We look forward to working closely with all stakeholders in the Vasan ecosystem to ensure a seamless transition as we continue to deliver unparalleled patient care.”
ASG Eye Hospitals’ investors, which include Foundation Holdings, General Atlantic, and Kedaara Capital, are fully committed to this endeavour. They will work closely with the teams at ASG and Vasan to realize the vision of becoming the leading eye-care franchise in India by providing high-quality eye-care services.
Aakash Sachdev, MD, Foundation Holdings and Director, ASG Hospital said, “This strategic acquisition marks an exciting time for ASG & Vasan and a historic milestone in the eye care sector. 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 presence and truly PAN India reach. We are confident that Vasan Eye Care will benefit from ASG Eye Hospitals’ strategic vision, professional management and operational expertise.”
Dr Vikas Jain, Director, ASG Hospital said, “At ASG Eye Hospitals, we pride ourselves on our operational excellence, technical expertise, and the platform we’ve built to bring together some of the best super-specialist eye doctors in the country. It is this that sets us apart and enables us to deliver superior clinical outcomes. Our commitment to providing high-quality, accessible eye care services is reflected in our state-of-the-art facilities, cutting-edge technology, and highly trained ophthalmologists and these strengths will be leveraged to ensure that Vasan Eye Care will deliver the best possible care to those who trust us with their vision.”
