GSK Velu’s MaxiVision shows interest in Vasan Eye

Chennai: The beleaguered Vasan Eye Care, which is under Corporate Insolvency process to find a suitor may be breathing back to life with healthcare entrepreneur GSK Velu evincing early interest for a take over.

Poster boy of aggressive expansion, Vasan Eye went into insolvency process after it failed to repay debts of nearly Rs 1,628 crore and its creditors dragged the company to the National Company Law Tribunal (NCLT) to recover their dues. Its misery was compounded after regulatory authorities initiated probes into investments made by politicians. It further went down the spiral after its promoter Dr Arun died last November, pulling the company into insolvency courts. Two attempts to find a suitor didn't make any progress and the current one is the third.

The Resolution Professional appointed by NCLT has called for a preliminary expression of interest (EoI) with the last date for submission of EoI ending July 19. Serial healthcare entrepreneur Dr GSK Velu’s MaxiVision has submitted its initial intent for a takeover.

“Our eye care business MaxiVision has submitted its interest. It is a long shot. Our logic is simple: we are strong in Andhra Pradesh and Telangana. Vasan has a strong presence in other southern states. Vasan has 94 units operational and earned nearly Rs 140 crore in revenues last year. And since the process is driven by NCLT, legal issues will be dealt with and the asset will come clean to the buyer,” Dr Velu said. Calls and text messages to the Resolution Professional turned futile.