It’s a bustling weekend afternoon at Narang Eye Institute run by SK Narang, a reputed Ophthalmologist. A stone’s throw from Model Town metro station in North Delhi, the clinic is one of the most successful private eye-care practices in the national capital. For the 63-year-old founder, two such clinics have grossed nearly Rs 20 crore ($2. 4 million) in annual revenue this year.  

Located smack on the main road, the 30-year-old clinic gets 150-odd patients every day. “We perform close in order to 5, 000 surgeries every year, ” says Narang, adding that he still works 12 hours a day, by choice. Just as he chose to sell his thriving business to  ASG Eye Hospital, a chain of super-speciality eye hospitals, over a year ago in a multi-crore deal.  

With no second generation to carry forward his medical practice, Narang epitomises what today’s eye-care chains, backed simply by private investors, are frantically scouting with regard to.  

Jodhpur-based ASG Eye Hospital seems to be leading the particular pack.  

In July, it raised Rs 1, 500 crore ($187. 5 million) from private-equity (PE) investors General Atlantic and Kedaara Capital. The first tranche of that money came last month, valuing ASG at Rs 2, 850 crore ($356 million). If the second tranche also has fresh equity (and no secondary share sale), ASG would be valued in Rs 3, 500 crore ($433 million), according to The Ken’s analysis associated with its corporate filings.    

It is evident that part of this money is to finance the buyout of Vasan Eye Care, which has been under
insolvency proceedings


bankruptcy procedures

Vasan Eyecare
List of Creditors
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since 2017. The trailblazer within private eye care, Vasan grew from breakneck speed between 2009 and 2014, before landing with a thud when it had ~200 centres, a soaring debt associated with Rs one, 200 crore ($150 million), and a
political


politics

TNIE
P Chidambaram, Vasan Vision Care plus Rs 223 Crore Black Money
Read more


and
financial-mismanagement


financial-mismanagement

Mint
What really happened with Vasan
Learning much more


controversy that will swallowed both the business and the
founder


founder

Business Standard
Vasan Attention Care founder dies
Reading more


.  

Earlier inside 2022, ASG pipped other private stores like Dr Agarwal’s Eyesight Hospital, MGM, and Maxivision Eye Hospital to the post in the bid for Vasan at the particular National Company Law Tribunal (NCLT).

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