The lawyer advising super-specialty hospital Asian Institute of Medical Sciences (AIMS), which received an investment of US$21 million from UK development finance institution CDC Group, said the deal was interesting as it involved two investors with different visions.
“Representing the company and promoters against two investors with different objectives and visions was interesting and unique,” said Akshat Pande, the managing partner of Alpha Partners, who led a team advising AIMS.
“The existing investor had an interest in retaining the terms of their original agreement and the new investor wanted to renegotiate a number of terms to benefit them. Our outlook was to protect the interest of the promoters and the company and negotiate terms which would not disturb the status quo.”
The deal was a series B round of fundraising following a series A investment of US$15 million in 2014 by Orbimed, a healthcare fund management company, which will keep its stake in AIMS.
CDC’s investment will support the company’s five-year expansion into Jharkhand, Bihar and Uttar Pradesh, where it will add 1,000 beds to new and existing multi-specialty sites. The expansion is expected to create around 2,000 new jobs in these cities.
In addition to Pande, the team from Alpha Partners advising AIMS consisted of associate partner Kunal Arora and associate Richa Hingle. Trilegal partner Nishant Parikh along with counsel Harsh Jain and corporate associate Sibani Saxena advised CDC. IndusLaw partner Kartik Ganapathy represented Orbimed.
AIMS operates three tertiary care hospitals in Faridabad, Moradabad and Dhanbad, two secondary care hospitals in Delhi and Sambhal, and three health clinics in Faridabad, Palwal and Delhi.