The expansion plans include increasing the hospitals’ bed capacity from 300 to 500. Credit: Zoshua Colah on Unsplash.

India-based financial investment advisory services company Unaprime has reportedly acquired a 43.5% stake in Lokmanya Hospitals from Tata Healthcare Fund, The Economic Times reported.

With this, Unaprime increased its total shareholding to 70%, as confirmed by co-founder Deep Mishra.

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This strategic acquisition is part of the company’s foray into the business of private equity asset management.

The financial investment advisory firm also purchased additional shares from other existing investors.

Mishra said: “We have paid Rs1.4bn ($16.72m) as total consideration for the stake acquired. We will invest whatever it takes to expand the capacity upwards and eventually take the company public.”

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The expansion plans include increasing Lokmanya Hospitals’ bed capacity from 300 to 500.

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Lokmanya Hospitals, with facilities in Pune, Kolhapur and Pimpri-Chinchwad, has reported a turnover of Rs1.3bn for the fiscal year 2023-24.

With the new investment, the hospital has set an ambitious target of achieving Rs5bn in turnover over the coming four years, the daily newspaper reported.

Unaprime, which has its roots in investment banking, is diversifying its portfolio with this move into healthcare.

The company’s leadership team includes former professionals from investment and private equity firms.

Unaprime Healthcare, a special purpose vehicle (SPV) has been set up by Unaprime for Lokmanya Hospitals acquisition.

The SPV has attracted investors such as Global Hospital founder Ravindranath Kancherla and Bajaj Finance managing director Rajeev Jain.

Lokmanya Hospital introduced Robotic Assisted Joint Replacement Surgery in Asia and offers a range of orthopaedic and advanced multi-specialty treatments across its locations in Pune, Kolhapur, and Mumbai.