Serial healthcare entrepreneur GSK Velu plans to list four businesses over the next three years

Serial healthcare entrepreneur GSK Velu is preparing to unlock value across his healthcare empire by listing four major businesses over the next three years—his flagship medical technology company Trivitron, new-age pathology chain Neuberg Diagnostics, eye care network Maxi Vision, and hospital chain Kauvery Hospitals, where he is the largest individual promoter.

“Neuberg and Maxivision are expected to go public first, possibly in 2027, followed by Kauvery. Trivitron could list after a major acquisition and another private equity round,” Velu told Fortune India in an exclusive interview.

Velu owns 100% of Trivitron, around two-thirds of Neuberg Diagnostics, more than 60% of Maxi Vision, and over 20% of Kauvery Hospitals. He also holds a 30% stake each in Apollo Hospitals Group-promoted Apollo Dental and Apollo Dialysis.

Sources said the combined revenues of these businesses exceed ₹7,000 crore, and each of the four companies slated for listing could command a valuation of more than US$1 billion at the time of listing.

Velu began his entrepreneurial journey in 1997 by establishing Trivitron as a multi-product medical devices distribution company. Nearly three decades later, it has evolved into one of India’s leading home-grown medical equipment manufacturers, with a strong presence in imaging, diagnostics and renal care.

In India, Trivitron has manufacturing facilities in Chennai, Mumbai and Visakhapatnam, including five factories within the Chennai Medical Technology Park. Overall, the company operates 11 manufacturing facilities across India, besides production units in Finland, Turkey and the United States.

Trivitron expects its revenue to touch ₹1,000 crore in FY27 and aims to triple its turnover over the next five years, Velu said.

In October 2017, Velu launched Neuberg Diagnostics as a personalised next-generation diagnostics company focused on genomics, proteomics, metabolomics, digital pathology and molecular imaging. Built on a partnership-driven model, Neuberg today operates around 250 laboratories across India. The company generated revenues of around ₹1,600-1,700 crore last year and expects to reach around ₹2,000 crore in FY27.

Maxi Vision traces its origins to 1996, when it was founded by renowned ophthalmologist Dr. Kasu Prasad Reddy. Velu acquired the company in 2010 after Dr. Reddy decided to transition the business. Today, Maxi Vision operates around 70 eye hospitals and 20 eye clinics across Andhra Pradesh, Telangana, Tamil Nadu, Kerala, Maharashtra and Gujarat, generating annual revenues of around ₹600 crore.

Velu’s association with Kauvery Hospitals began in 2015 when he acquired the nearly 30% stake held by Ajay Piramal’s private equity fund as it exited the Chennai-based standalone hospital. At the time, Kauvery Hospitals had only 300-400 beds. Today, it has grown into a network of around 14 hospitals with nearly 3,000 beds across Tamil Nadu and Bengaluru.

Velu is now the single largest individual shareholder in Kauvery Hospitals with a stake of around 20%, although he is not involved in its day-to-day management.

“I see myself more as an investor, mentor and director in Kauvery, as doctor-promoters run the business, along with other investors such as Lightrock and 360 ONE,” said Velu.