World Bank investment arm IFC has announced a $25m investment into private equity-backed hospital chain Ravindranath GE Medical Associates as it looks to almost double the number of beds at its facilities.
The business received more than $73m from Everstone Capital Management and Samsara Capital in 2007, much of which went towards the company’s $60m purchase of Sri Kanchi Kamakoti Sankara Hospital later that year.
IFC said its investment would be part debt and part equity.
RGEMA runs the Global Hospitals brand, which has five main hospitals across India with about 1,000 beds.
It plans to increase that to 1,800 by the 2016 financial year.
Earlier this year it emerged IFC was planning to invest up to $100m in Asian hospital chain Fortis Healthcare through both equity and foreign currency convertible bonds.
The company said it would issue 28.6 million shares worth $45m to IFC alongside foreign currency convertible bonds worth $55m, as well as up to 45 million shares through an institutional placement programme.
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