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IFC Supports Delhi's Rockland Hospital With $14 Million

10 August, 2008

IFC, the private equity arm of the World Bank, is investing $14 million (Rs 55 crore) in Delhi-based healthcare firm Rockland Hospital. The two-tiered investment would involve $10 million investment in common shares, besides $4 million in convertible preference shares. The exact quantum of equity stake being picked by IFC stands undisclosed.

Rockland, located in Qutab Institutional Area in Delhi, will use the funds to expand its current facilities and also build the first phase of a new 250-bed hospital in Manesar (Haryana). This unit will include a geriatric facility – the Rockland Retreat for the elderly. The funds will be also be used to launch a television channel focused on health-related services.

 

Rockland Hospital was incorporated in 2004 and currently operates a 90-bed multi-speciality hospital in the Qutab Institutional Area in New Delhi with more than 700 employees. Besides healthcare services it is looking to get into health education, health media, and geriatric care. The group, founded by brothers Rajesh and Prabhat Srivastava, also has presence in the hospitality sector with Rockland Inn in CR Park and Hotel Rockland in Panchsheel Enclave in Delhi.

For IFC, this would be second investment in the healthcare space in India. Last year it had invested Rs 300 crore in Max Healthcare through a similar structured deal (Rs 50 crore in common shares and Rs 250 crore of preferred, cumulative and redeemable equity) besides having an exposure in other pharma companies.

The healthcare sector has been attracting quite a private equity few deals off late. Early this year, ICICI Venture invested in a slew of healthcare firms — Medicare Synergie, Vikram Hospital and Sahyadri Hospitals. Among others, AIG invested Rs 400 crore in Narayana Hrudayalaya and UK-based Ashmore invested Rs 90 crore in Quality Care India.

 


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IFC Supports Delhi's Rockland Hospital With $14 Million

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