Date:15/07/2005 URL: http://www.thehindubusinessline.com/2005/07/15/stories/2005071502590300.htm

Back IFC to pick up stake in Apollo Hospitals

M. Ramesh

Chennai , July 14

INTERNATIONAL Finance Corporation, the private equity arm of the World Bank, is expected to pick up equity stake in Apollo Hospitals Enterprise Ltd. IFC is expected to invest $20 million (Rs 90 crore).

Apollo is raising about $70 million (Rs 315 crore) for its expansion programmes, which includes consolidation opportunities in India as well as ventures abroad. IFC's investment will support these programmes.

It is not clear how much stake IFC would pick up in Apollo, that being a matter of valuation of shares. Apollo officials were not available for comment.

By strengthening Apollo's position of a leading healthcare network, the expansion programme will raise the overall quality of private medical services delivery in India and have a strong demonstration effect throughout the region.