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Monday Nov 25, 2024
Friday, 2 December 2016 00:01 - - {{hitsCtrl.values.hits}}
IFC, a member of the World Bank Group, is investing $67 million in Apollo Health and Lifestyle Limited, to expand Apollo’s small-format healthcare centers across India, improve access to quality healthcare and create jobs.
IFC is investing half for its own account and half will come from the IFC Emerging Asia Fund, an investment fund managed by IFC Asset Management Company.
Apollo Health and Lifestyle Limited, a subsidiary of Apollo Hospital Enterprise Limited, will use IFC’s equity investment to open nearly 1,000 medical facilities, laboratories and collection centers. The investment will create over 4,000 new jobs across India for healthcare professionals, including doctors, nurses, and technicians.
“The investment will help us meet the ever-increasing demand for quality healthcare in the country,” said Neeraj Garg, CEO of Apollo Health and Lifestyle Limited. “Apollo values its longstanding relationship with IFC, including IFC’s experience and deep knowledge of the healthcare sector in India.”
India accounts for 20 percent of the world’s disease burden but access to quality healthcare remains an acute problem. Small-format healthcare centers will allow Apollo to provide affordable and quality healthcare accessible to a broader population, including lower-income patients and those living in areas under-served by tertiary hospitals.
“Our investment in Apollo reflects our commitment to private sector supporting the delivery of better health outcomes. It addresses issues of access, quality, and affordability across the country,” said Henrik Elschner Pedersen, IFC Senior Manager – Consumer and Social Services – Asia. “Since 2005, IFC has made multiple rounds of debt and equity investments in Apollo Hospitals to help the company with its expansion plans and increase access to affordable healthcare in the country.”
Apollo Health & Lifestyle Limited is a wholly owned subsidiary of Apollo Hospitals Enterprise Limited. The company runs a network of multispecialty clinics including diagnostic centers, maternity clinics, planned surgery formats, and diabetes management clinics,
IFC is the world›s largest multilateral investor in private healthcare, with an active portfolio of about $1.7 billion of health investments. IFC investments in the sector are aimed at promoting greater access to affordable, high-quality healthcare. In India, IFC’s healthcare investments are over $477 million, representing 28 percent of its global healthcare portfolio. This includes investments in Max Healthcare, NephroPlus, Eye-Q Vision, and Portea. IFC has also supported state governments by providing advisory services and bringing reliable private players to extend affordable, quality medical care in India.
India is IFC›s top country exposure, globally. IFC›s committed portfolio in India is over $5 billion as of June 30, 2016. In FY16, IFC committed $1.1 billion in new investments. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, helping create conditions to attract increased private capital, and helping structure public-private partnerships.
