Hyderabad-based MaxiVision to expand operations in south

The company has acquired Warangal-based Sharat Laser Eye Hospital, and as a result of this process, a new entity Sharat MaxiVision Eye Hospital has been created.

By Author  |  Published: 10th Oct 2019  12:03 amUpdated: 9th Oct 2019  11:59 pm
MaxiVision chairman Dr G S K Velu (centre) announcing the agreement with Warangal-based Sharat Laser Eye Hospital.

Hyderabad: Hyderabad-based MaxiVision Super Specialty Eye Hospitals is planning to strengthen its presence in Telangana and Andhra Pradesh, besides foraying into Tamil Nadu, Kerala and Karnataka.

MaxiVision plans to set up at least 15 hospitals in the next 2-3 years in Telangana, AP and other southern States, with a cumulative investment of Rs 100 crore. The company today operates 11 eye care hospitals in Telangana and Andhra Pradesh. Three more hospitals will come up by March 2020.

The fourth largest eye care company aims to emerge as the country’s second largest eye care provider in the next five years, expanding from being a Rs 120-crore company to a Rs 500-crore company by then.

MaxiVision Super Specialty Eye Hospitals chairman Dr GSK Velu told Telangana Today, “Hyderabad is today the forefront of eye care. We want to take this growth to other parts of south and then to other parts of the country. While MaxiVision will look at expansion to major cities of India, our newly established entity-Sharat MaxiVision Eye Hospital will focus on tier 2 and tier 3 cities with a hub-and-spoke model. In five years’ time, we want to be in every district of Telangana and Andhra Pradesh.”

Velu added, “We will foray into Tamil Nadu and Kerala by 2020. In the States where MaxiVision doesn’t operate now, we will look at partnership or acquisition route for foray. We are also looking at overseas expansion opportunities in the African region where will seek local partners.”

M&A deal

To expand its footprint in the tier 2 and tier 3 cities of Telangana, the company has acquired Warangal-based Sharat Laser Eye Hospital, and as a result of this process, a new entity Sharat MaxiVision Eye Hospital has been created. MaxiVision holds 51 per cent stake in the joint venture entity while the remaining 49 per cent stake is held by the promoter of the acquired company (Sharat Laser Eye Hospital).

Sharat Laser Eye Hospital is among the first eye hospitals to have National Accreditation Board for Hospitals (NABH) accreditation and has revenues of Rs 21 crore. Dr Sharat Babu Chilukuri, founder of the hospital, will help MaxiVision Group in its expansion and initiate training and academic projects for the Group. He will also partner with MaxiVision Group founder Dr Kasu Prasad Reddy in all clinical strategies and technology inductions into the Group.

Dr Sharat said, “The need for eye care is growing in the country and more so in the tier 2 and 3 cities. We want to bring quality eye care to smaller towns and cities of Telanagna and Andhra Pradesh. The deal with MaxiVision will enable that.”

New hospitals are likely to come up in Telangana in Adilabad, Miryalaguda, Siddipet, Karimnagar and Nizamabad in the near-term.

New technologies

When asked about the new technologies the Group is working on, MaxiVision founder, Dr Kasu Prasad Reddy, revealed, “We are currently working with a Californian company, which is working on accommodative eye wear to prove the usefulness of certain lenses. We are also working with a Belgian company (iSTAR Medical) that has produced a device called MINIject (used in micro-invasive glaucoma surgery), in the treatment of glaucoma. MaxiVision is one among the four global centres globally working on this research.”

The development of minimally invasive glaucoma surgery (MIGS) could redefine the role of surgery in the management of glaucoma and it will be very beneficial to India, he added.

Now you can get handpicked stories from Telangana Today on WhatsApp / Telegram everyday. Click these links to subscribe and save this number 9182563636 on your contacts.

Click to follow Telangana Today Facebook page and Twitter.