Agnivesh Agarwal, son of Anil Agarwal, Chairman of Vedanta Group, has picked up 60 per cent stake in Chennai-based nascent Primex Healthcare for an undisclosed consideration.
Primex Healthcare operates own healthcare centres in Chennai.
Following this, Mr. Agnivesh Agarwal has joined the board of Primex Healthcare.
While Mr. Agarwal will hold 60 per cent stake, the remaining equity of Primex Healthcare will be owned by Primex Scans and Labs, which has 50 partner-driven healthcare centres.
The equity of Primex Scans and Labs is held by Kalpathi Investments, the promoter group (including Anand Mahadevan, the founder CEO of Primex) and some high net worth individuals.
Mr. Mahadevan told this correspondent that Mr. Agarwal's buy into Primex Healthcare was facilitated through fresh issue of equity shares. But, he declined to divulge the details.
He expected the induction of Mr. Agarwal to provide Primex Healthcare growth fund and also enlarged access to corporate business. In this context, he said Primex Healthcare had already begun working in close co-operation with the Vedanta Foundation.
“We believe that the strategic investment from Mr. Agarwal will allow us to jointly set up and expand aggressively the growing network of our healthcare centres,” a release quoted Mr. Mahadevan as saying.