International Finance Corp to invest Rs 460 crore in Apollo Health & Lifestyle
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BENGALURU: World Bank arm International Finance Corporation ( IFC ) is looking to invest $68 million or Rs 460 crore in Apollo Health & Lifestyle Limited, which runs the hospital chains small format centers. The proposed investment is part of the overall raise by the unit of $135 million or Rs 900 crore.
"IFC 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," the investment firm said in a disclosure on its website.
IFC has earlier invested in the parent company of Apollo Health & Lifestyle , Apollo Hospitals Enterprise Limited.
Apollo Health & Lifestyle operates in the primary care space, it currently has 7 formats - Apollo Clinics (consultation), Apollo Sugar (diabetes), Apollo Diagnostics, Apollo White (dental care) and Apollo Dialysis besides Apollo Cradle (maternity) and Apollo Spectra Hospitals (day care surgery).
With the new round of financing, Apollo Health & Lifestyle plans to open 151 small-format healthcare centers, 9 maternity facilities and 64 pathology labs, which will be supported by 765 collection centers. This expansion will increase the 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 revenues of Rs 166.4 crore with losses of Rs 28.4 in FY15.
Apollo Health & Lifestyle had expanded into day care surgeries by acquiring Nova Specialty Hospitals , which runs 11 day & short stay surgery centers across 8 cities, in early 2015. provides us with an opportunity to strengthen our presence in the Secondary care segment.
It also has a 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 5 years.
Apollo Healthcare scrip was up more than 1.29 per cent on NSE on Friday to Rs 1,338, giving the Chennai-based healthcare group market capitalisation of over Rs 18,623.40 crore.
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