IFC, a World Bank investment arm, is investing $67 million in Apollo Health and Lifestyle Limited, a subsidiary of Apollo Hospitals group to focus on 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 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.
India accounts for 20% 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.
Henrik Elschner Pedersen, IFC Senior Manager – Consumer and Social Services – Asia, said: “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 runs a network of multispecialty clinics including diagnostic centers, maternity clinics, planned surgery formats, and diabetes management clinics,[category, finance]