Hyderabad, December 1, 2016—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
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
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.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org.
About IFC Asset Management
IFC Asset Management Company
(AMC), a wholly-owned subsidiary of IFC, invests third party capital, enabling
investors to benefit from IFC’s expertise in achieving strong equity returns,
as well as positive development impact in the countries in which it invests.
As of October 2016, AMC has raised $9.4 billion of capital across 13 investment
funds. For more information, visit www.ifcamc.org.