IFC to invest Rs 300cr in Max Healthcare

The World Bank''s private lending arm, the International Finance Corporation (IFC), will invest Rs300 crore in Delhi-based Max Healthcare Institute over the next four years to aid it expand its bed capacity.

This is IFC''s second investment in the healthcare-pharmaceutical segment in India. On June 14, it had announced a financial assistance worth Rs 63 crore ($15 million -loans of up to $9 million and up to $6 million in equity) to pharmaceutical firm Granules India.

The proposed expansion will add 452 beds to the company''s existing 765-bed capacity. This includes 268 beds in Patparganj hospital, a new100-bed secondary and tertiary hospital in Dehradun, and a new 84-bed tertiary hospital focussed on obstetrics, gynecology, and pediatrics at Saket, Delhi.

IFC''s investment in Max will include Rs50 crore of equity shares and Rs250 crore of preferred, cumulative, and redeemable equity.

IFC holds a portfolio of $1.3 billion in India, as of June 2006, its fourth-largest country portfolio. During 2006, it committed over $400 million in new investments.