ChrysCapital Invests Up To US$100 Mn In Centre For Sight
The broader eye care industry has witnessed investments exceeding USD1,050 million in recent years.
ChrysCapital, a private equity fund specialising in investments in India, has announced a substantial investment of up to USD100 million in New Delhi-based Centre for Sight (CFS), one of India's eye care chains. The company in a press statement on Wednesday informed that this investment involves a combination of primary infusion and the acquisition of Mahindra Holdings' entire stake, a subsidiary of Mahindra and Mahindra, thus securing a significant minority stake in CFS.
The statement from the company further said that the infusion of funds by ChrysCapital will fortify CFS's ability to expand its operations and cater to the escalating demand for quality eye care services across Tier 1 and Tier 2 cities in India. The broader eye care industry has witnessed investments exceeding USD1,050 million in recent years.
Mahipal S. Sachdev, Chairman and Founder of Centre For Sight, expressed enthusiasm about the partnership with ChrysCapital, highlighting the investment as a testament to CFS's capabilities and a catalyst for the company's growth trajectory. Sachdev also extended gratitude to Mahindra Holdings for their support during the past five years, especially during the challenging times of the COVID-19 pandemic.
Puneet Renjhen, Head of Partnerships Alliances at the Mahindra Group, underscored the Group's commitment to long-term sustainable value creation and expressed confidence in CFS's continued growth under the new partnership with ChrysCapital.
o3 Capital served as the exclusive financial advisor for the transaction, while Alvarez and Marshal (A&M) provided commercial and financial diligence for ChrysCapital. Shardul Amarchand Mangaldas and Co (SAMCO) and IndusLaw acted as legal counsels for ChrysCapital and the Mahindra Group, respectively, with DMD Advocates representing the Company and Promoters, the statement from the company added.
