Rajasthan-headquartered ASG Eye Hospitals has commenced steps to take operational control of Vasan Eye Care following the completion of all formalities and transfer of ownership, the eye care provider said on Saturday. Post the merger, Vasan Eye Care would remain as an independent eye care brand, ASG Eye Hospitals said.

On February 3, National Company Law Tribunal approved the resolution plan of ASG Hospitals to acquire Vasan Healthcare Pvt Ltd with a bid value of Rs 526 crore with 98 per cent of the votes received from the Committee of Creditors.

“The successful completion of acquisition marks a significant milestone in ASG Eye Hospitals’ journey to expand into new and underserved markets in India and make quality eye care accessible to all,” ASG Eye Hospitals said.

Commenting on the development, ASG Eye Hospital Pvt Ltd Chairman and Managing Director Arun Singhvi said: “Post this strategic acquisition, we are proud to expand our network presence in South India. Vasan Eye Care is a valued and respected name in eye care and will continue as an independent brand.”

ASG Eye Hospitals, based in Jodhpur, has served over 7.5 million people through its 54 state-of-the-art speciality eye care hospitals across 17 states in the country. It has a presence abroad in Uganda and Nepal as well.

With the addition of Vasan Eye Care, the network of ASG Eye Hospitals would increase to over 150 across India with presence in 21 states, it said.

The strategic acquisition would strengthen ASG’s position in the healthcare industry and enhance its market presence, ASG Eye Hospitals said. “We are delighted to welcome the Vasan team to the ASG family to join our mission to enhance the delivery of quality eye care for all and improve the quality of life across India.” Singhvi said.

“We look forward to working closely with all stakeholders in the Vasan ecosystem to ensure a seamless transition as we continue to deliver unparalleled patient care,” he said.

Investors of ASG Eye Hospitals include Foundation Holdings, General Atlantic, and Kedaara Capital. The investors would work closely with the teams of ASG and Vasan to realise the vision of becoming the leading eye care franchise in India by providing high quality eye care services.

Foundation Holdings Managing Director Aakash Sachdev, who is also the ASG Eye Hospitals Director, said the strategic acquisition marks an exciting time for ASG and Vasan and a historic milestone in the eye care sector.

“The Vasan acquisition will be a perfect geographic fit with ASG and a unique opportunity to establish ASG as a world-class healthcare delivery platform with a scaled South India presence and pan-India reach,” he said.

Vasan Eye Care network is a premier institution of eye care hospitals in the country and has been serving over six million patients every year. It has over 100 super speciality eye care hospitals in its network, Vasan Eye Care said in its website.