IFC, Sabre to invest $40m in Everstone-backed Indian hospital chain
Ravindranath GE Medical Associates (RGE), which operates a chain of eight hospitals across India under the Global Hospitals brand, will receive $15 million from Sabre Partners and $25 million from the International Finance Corporation.
The IFC investment will comprise $15 million in equity, and the remaining $10 million in an eight-year loan.
RGE operates a chain of super specialty care and multi-organ transplantation hospitals in Chennai, Hyderabad, Bangalore and Mumbai. It also has telemedicine centres at seven locations in India.
Badri Krishnaswami, executive director finance of Global Hospitals, told AVCJ that the proceeds will be used for brownfield expansion - increasing the number of operational hospital beds from 1,000 this year to 1,800 by 2016.
Everstone Capital bought a 25% stake in Global Hospitals for $31 million in 2007.
IFC will also invest $100 million in Fortis Healthcare this year.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.