Mumbai, September 12
India Resurgence Fund (Indiarf) on Tuesday announced a Rs 525 crore investment to acquire a majority stake in Punjab-based corporate hospital chain Ivy Health and Life Sciences.
The Piramal Enterprises and Bain Capital investment platform will be acquiring Ivy's facilities at Mohali, Amritsar, Khanna, Hoshiarpur and Nawanshahr as part of the transaction, as per an official statement.
The transaction includes a "sizeable infusion" of growth capital, which will be used by Ivy to improve existing facilities and expand its footprint to other cities in Punjab and adjoining regions, it added.
This is the maiden investment for the fund in the healthcare sector, the statement said, adding that the 2008-incorporated Ivy operates a portfolio of 800 beds in different places in Punjab, Himachal Pradesh, Haryana and Jammu and Kashmir, where 3 lakh patients get treated every year.
Indiarf MD Shantanu Nalavadi said after COVID-19, there is an emphasis on multi-speciality regional hospitals, while the deepening insurance penetration has made patients look for high-quality healthcare closer to home, leading to investor interest.
"Ivy has demonstrated its prowess as a regional healthcare provider, catering to all segments by providing quality medical services at affordable prices. We are excited to invest in Ivy and are committed to accelerating its growth with a continued focus on delivering quality patient care," Nalavadi added.
The company's chairman and managing director Gurtej Singh said Ivy is the largest healthcare group in Punjab and has over 3,000 healthcare professionals tending to patients.
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