IFC invests $67m in Apollo Health and Lifestyle for 29% stake
Thursday, December 1, 2016
Apollo Health and Lifestyle Ltd (AHLL) has raised $67 million for a 29 per cent equity stake from International Finance Corporation (IFC), the private lending arm of the World Bank, according to a press statement. “IFC along with its associated entity has has made a primary equity infusion of Rs 450 crore thereby acquiring 29.03 per cent stake in Apollo Health and Lifestyle Ltd,” Apollo Hospitals Enterprise Ltd said in a BSE filing.
As per the deal, while IFC will invest half of the money from its own account, the remaining half will be pumped in by IFC Emerging Asia Fund, an investment fund managed by IFC Asset Management Company. AHLL, owned by Apollo Hospitals Enterprise, will use the stake sale proceeds to expand its small-format healthcare centers across India, improve access to quality healthcare and to create new jobs, the statement added. Apollo Hospitals is India’s largest healthcare provider by market value, and runs large private hospitals in Hyderabad, Chennai and New Delhi.
“The investment will help us meet the ever-increasing demand for quality healthcare in the country,” said Neeraj Garg, CEO of AHLL. “Apollo values its longstanding relationship with IFC, including IFC’s experience and deep knowledge of the healthcare sector in India,” Garg added.