M&A

M&A

GSK Velu's Maxivision may acquire Vasan Eye Care under insolvency process

Times of India  

Vasan Eye Care, which is under the corporate insolvency process to find a suitor, may be breathing back to life with healthcare entrepreneur GSK Velu evincing early interest for a takeover. Vasan Eye went into insolvency after it failed to repay debts of nearly INR 1,628 crore and its creditors dragged the company to the National Company Law Tribunal (NCLT) to recover their dues. Two attempts to find a suitor didn't make any progress and the current one is the third. Vasan has 94 units operational and earned nearly INR 140 crore in revenues last year.