Launches two new JVs practices
MaxiVision Eye Hospitals has announced aggressive expansion plans to neighbouring states, Tamil Nadu, Karnataka and Gujarat. The group had planned its expansion plan in the year 2020 itself, which was slowed down due to the pandemic and uncertainty in the market. Last financial year 21/22, despite the pullback due to the second and third wave of COVID-19, which hit five months of operations, the group posted close to Rs 200-crore revenue, from 21 eye care centres.
MaxiVision has a unique model, of acquisitions, in good reputed eye care practices in India. It was in 2019, they launched the first such model, with a leading practice of Dr Sharat Babu Chilukuri, in Warangal, and within two years of association, the JV has posted three times growth post-merger. The JV Sarath Maxivision Eye Hospital which started with one hospital is now having three Super Specialty hospitals in Warangal, Khammam, Karimnagar, and also seven vision centres in deep rural Telangana.
With this confidence, and proof of success, the group signed off its 2nd JV in November 2021 with one of the leading practices in Narsaraopet, Dr Ramalinga Reddy, who enjoys 35 years of stellar eye care practice in the Narsaraopet District. This JV, Maxivision Dr Ramalinga Reddy Eye Hospital will expand to Guntur and Macherla by September 2022.
MaxiVision is launching one new JV in Hyderabad, Telangana, one in Rajkot, Gujarat, and also Greenfield entry to the Tamil Nadu market. This will add five hospitals to the network, and around Rs 100 crore to the current topline. This year the group has budgeted Rs 500 crore topline, by end of FY 22/23 opening more hospitals in Telangana, Andhra Pradesh, Tamil Nadu and Gujarat.
Speaking on the occasion, Dr GSK Velu, Chairman of Maxivision Eye Hospitals said, “Maxivision is one of the most respected brands in South India with ethical practice and stellar patient care services. With the trust of 5 million patients, the group plans to expand with the same philosophy to other states of South India. We have a very unique model of JV with leading eye care practices in the country, which is a Practice Development and Wealth Maximisation programme for doctors who have been in the practice for decades. Our team have around 20/25 prospects lined up for agreements and roll out in the year 22/23, for which the company is infusing around Rs 300 crores to acquire these practices. Currently, we hold 100 per cent stakes in the company, and we are in the process of fundraising discussions with top private equity firms around the globe. Meantime, our greenfield projects will go on, with around Rs 150-crore infusion into the growth fund of the company. Reason to go independently as a brand is to penetrate potential markets an optimum pace, with a philosophy aiming to be the best alternative service provider in all markets, delivering the best care to the patients in ethical standards and affordable treatment charges.”
Sudheer, Group CEO, Maxivision said, “Today we are launching two JV practices, which will catapult our growth to over 100 per cent this financial year, along with our Greenfield expansion to Tamilnadu, AP and Telangana. We are launching our third JV model in Hyderabad, with one of the leading practices of Dr SubbaRao, of Mahalakshmi Eye Hospitals, in Vanasthalipuram. Maxivision-Mahalakshmi Eye Hospitals will start operational from May 2022.”
He added, “As per our Greenfield expansion plans in AP and Telangana, we have started engaging real estate, for expansion to Rajahmundry, Tirupathi, Kurnool, and two more hospitals in Hyderabad by September 2022. West had been our comfort zone due to the active presence of all our other businesses in the group. Maharashtra and Gujarat’s expansion plan is in the advanced stage now. Today, we are launching our entry to Gujarat with one of the leading practices, in Rajkot, Nethradeep Eye Hospitals. Dr Vasanth Sapovadia, who is a renowned ophthalmologist in West with over 35 years of experience, will head as Regional Medical Director for Saurashtra Region. This new JV, Nethradeep Maxivision will expand to other districts in Saurashtra, namely Morbi, Bhuj, Jamnagar, Porbandar etc within the next six to eight months.”
Dr Shibu Varkey, 30-year experienced surgeon, and one of the leading ophthalmologists in Tamil Nadu will head this cluster as Regional Medical Director, which will spearhead our aggressive expansion plans in entire Tamilnadu, Chennai, and other districts in Tamil Nadu, Tanjore, Kumbakonam, Salem, Madurai, and Erode throughout year 22/23.
In the next phase post-September, the company will finalise five more JV’s in Telangana, AP, Maharashtra, Gujarat, and Karnataka, with reputed doctors of the region. Parallel we are also pursuing our organic expansion in our home markets Telangana, AP and Tamil Nadu. Telangana and AP is a strong foundation for the group. The company will spread across these two states with our own Greenfield Tertiary Care and Secondary care hospitals.
The aggressive expansion plan will be one of the fastest growth of any eye care chain in the past decade, which will add 20 hospitals next year to the group and be a 55 hospitals network, led by a team of 160+ doctors and around 1000 patient care team to give exemplary patient care in these hospitals. Tertiary care centres will have all advanced technology in eye care, like higher-end cataract surgeries, robotic cataract surgeries, Lasik, and refractive surgeries, in vitro retina surgical stations, and diabetic eye care services. All centres will have state of the art diagnostic facilities, optical outlets, and pathology services through our group company Neuberg Diagnostics.
The group believes in operating hospitals, with experienced super-speciality ophthalmic surgeons, who can deliver the best quality vision for every patient. The expansion will help the quality eye care practice of many ophthalmologists, in the region, supported by the best technologies available in the world. Maxivision will preserve the service motto, by ensuring all economic segments of the patients, get the best treatment for their eyes with the best technology.
