World Bank arm International Finance Corporation (IFC) is looking to invest $68 million or Rs 460 crore in Apollo Health & Lifestyle Limited, which operates in the primary care space in seven formats.
The proposed investment is part of the overall raise by the IFC of $135 million or Rs 900 crore.
IFC announced that it is considering an equity investment of approximately $68 million, including approximately $34 million for its own account and approximately $34 million for IFC’s Asset Management Company.
IFC has earlier invested in the parent company of Apollo Health & Lifestyle, Apollo Hospitals Enterprise Limited.
- With the new round of financing, Apollo Health & Lifestyle plans to open 151 small-format healthcare centres, nine maternity facilities and 64 pathology labs, which will be supported by 765 collection centres
- Such funding will enable provision of affordable private sector healthcare in the Indian market
- According to Apollo Hospitals’ 2015 annual report, the company has infused Rs 127 crore in Apollo Health & Lifestyle. The unit reported revenue of Rs 166.4 crore with losses of Rs 28.4 crore in FY15
- In 2015, Apollo Health & Lifestyle had expanded into day care surgeries by acquiring Nova Specialty Hospitals, which runs 11 day stay & short-stay surgery centres across eight cities
- Entered into partnership with French multinational Sanofi for Apollo Sugar Clinics.
- At the end of FY15, the company had 26 Apollo Sugar Clinics, which it plans to expand to 250 clinics in India and overseas over five years