ASG Eye Hospitals takes operational control of Vasan Eye Care, increases footprint across India

ASG Eye Hospitals, a chain of super-specialty hospitals delivering eye care services, has taken operational control of Vasan Eye Care following the transfer of ownership. The acquisition was approved by the Chennai Bench of the National Company Law Tribunal (NCLT) with a bid value of Rs 526 crore on February 3, 2023. ASG Eye Hospitals is backed by private equity investors General Atlantic, Kedaara Capital, and Foundation Holdings.

With the acquisition, ASG Eye Hospitals plans to expand its business into new and underserved markets in India. The addition of Vasan Eye Care to its network will increase the total number of hospitals to over 150 in 21 states across the country, strengthening ASG's position in the healthcare industry and enhancing its market presence across India.

Aakash Sachdev, Managing Director of Foundation Holdings and Director of ASG Hospital Pvt. Ltd., said, "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.”

ASG Eye Hospitals has a presence in Tier 2 and 3 cities and covers North and East India. The company plans to expand its presence in the West and South. Its focus on Tier 2 and 3 towns aims to ensure access to quality eye care and help reduce the number of cases of complete vision loss. According to the Lancet Global Health Commission’s report on global eye health, 62 million people in India are estimated to be visually impaired, with 8 million being afflicted with blindness.

Expanding infrastructure, training eye specialists, and better utilization of technological innovation in eye care will be essential in stemming the rising number of cases, and ASG Eye Hospitals and Vasan Eye Care will play a significant role in achieving progress in eye health across India, the company said.

ASG has been on an acquisition spree through the pandemic and has recently acquired two sizeable chains in North India, emerging as a significant healthcare platform. In 2017, NCLT had ordered the commencement of insolvency proceedings against Vasan Eye Care after it failed to repay debts of over Rs 2,000 crores, and its creditors dragged the company to the NCLT to recover their dues. MGM Healthcare, Maxi Vision Eye Hospital, and Dr Agarwal’s Health Care were the other bidders.

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