CHENNAI: Chennai-based healthcare major Apollo Hospitals on Thursday said that its clinics subsidiary Apollo Health and Lifestyle has raised `450 crore from the sale of a 29 per cent equity stake to World Bank’s arm IFC. These funds will be used to fund its growth plans in the future, the group said.
“IFC along with its associated entity has made a primary equity infusion of Rs 450 crore thereby acquiring 29.03 per cent stake in Apollo Health and Lifestyle Ltd,” said the firm in a BSE filing.
Meanwhile, Sangita Reddy, Joint Managing Director, Apollo Hospitals Enterprise Ltd. said, “Through this investment we endeavour to continue Apollo Group’s legacy of setting industry benchmarks & contributing to elevate the standard of healthcare to the next level.... AHLL will continue to expand through both organic and in-organic means and is committed to enhancing the patient experience and medical care offered by the current network.”
AHLL currently operates multi-specialty clinics, dental centres, diagnostics, diabetes clinics, dialysis, women and children hospitals (cradle), fertility centres and surgical centres across the country, with presence in 17 states and over 400 touch points.
“In the next five years, we are looking at growing our revenues significantly and expanding our network, particularly of Apollo Clinics, Apollo Diagnostics and Apollo Cradle,” said Neeraj Garg, CEO - AHLL, adding that this investment was probably the largest ever private equity growth capital investment in the primary healthcare segment in India. Shares of Apollo Hospitals were trading 1.20 per cent up at Rs 1,212.75 apiece on BSE after the announcement.