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Washington D.C./New Delhi, India, July 28, 2009
—IFC, a member of the World Bank Group, is investing INR 1.5 billion ($31.25 million equivalent) in Max India to increase quality and accessibility of health services.
IFC’s purchase of 10.3 million common shares will help
Max
Healthcare Institute Ltd, a subsidiary of Max India, add 1,000 hospitals beds in the national capital region by constructing two new hospitals in Shalimar Bagh and Greater Noida and upgrading existing facilities in New Delhi. The company is planning an additional hospital in Dehradun, Uttar Pradesh. More than 1,500 medical jobs will be created.
This is IFC’s second equity investment in the Max Group. In 2007, IFC made an INR 3 billion ($59.2 million equivalent) equity and preferred equity investment directly in Max Healthcare.
“We value our long-term partnership with IFC, especially IFC’s knowledge of the private health sector in emerging markets, as we increasingly move down market and diversify our services,” said Analjit Singh, Chairman and Managing Director of Max India.
“IFC’s investment provides a strong signal of support to an existing client at a time of economic crisis,” said Guy Ellena, IFC Director for Health and Education. “I am confident that this project will widen access to high-quality health care and demonstrate best practice in the medical community.”
“This project fits with IFC’s strategy to expand health infrastructure in India,” said Paolo Martelli, IFC Director for South Asia. “Despite being one of the world’s most rapidly industrializing economies, India needs an additional 2.8 million beds to bring it in line with WHO standards.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $15 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About Max Group
Max Healthcare is a leading health network in India with more than 800 beds and eight hospitals in the national capital region. It is expanding to Dehradun, Uttar Pradesh. The company’s strong brand, state-of-the-art facilities, and skilled doctors have helped it to attract a growing patient base, including overseas patients traveling to India for treatment. Max New York Life Insurance Co. Ltd. is a joint venture between Max India Ltd and New York Life.
For more information, visit
http://www.maxhealthcare.in/
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