IFC to invest Rs 3 bn in Max Healthcare in four years
Private sector arm of the World Bank, IFC will invest Rs 3 billion in Max Healthcare over next four years through purchase of equity and preference shares to fund the company's capacity expansion.
"IFC's Rs 3 billion investment in Max Healthcare will include Rs 500 million of common equity and Rs 2.5 billion of preferred, cumulative and redeemable equity," an IFC release said.
It said as a part of the proposed expansion, Max Healthcare would add 452 beds to its existing 765 bed capacity. This would include adding 268 beds of the Patparganj hospital in Delhi, a 100-bed secondary and tertiary hospital in Dehra Dun and a new 84-bed tertiary in Saket, Delhi.
"The proposed investment is aligned with IFC's strategy to invest in health care, one of the India's largest service industries. By providing long-term, local currency financing, we are further developing a market for private health care facilities," IFC Director South Asia Paolo M Martelli said.
The projects are expected to create 4,500 jobs in the medical industry, the release added.