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DEG invests $12m in Indian hospital chain

  • Mirzaan Jamwal
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German Investment and Development (DEG), a development finance institution, has invested INR700 million ($12 million) in the Ivy Healthcare Group which runs a chain of super specialty hospitals in the north Indian state of Punjab.

The Indian Express reported that Ivy will use the funds to set up hospitals in tier-two cities such as Bathinda, Amritsar, Hoshiarpur, Simla and Karnal.
It currently operates tertiary care facilities in three locations - Mohali, Khanna and Nawanshahr, offering services for cardiology, neurology, orthopaedics, physiotherapy, gynaecology, medicine, general surgery and dentistry.

The hospitals have a capacity of 400 beds and Ivy aims to create facilities for an additional 1,000 beds.

This is reported to be DEG's first healthcare investment in India. The International Finance Corporation has made two investments in the sector this year - $25 million into Ravindranath GE Medical Associates and $45 million in Fortis Healthcare.

Somerset Indus Capital Partners also took a stake in tertiary care hospital chain Cygnus Medicare in May this year.

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