New Delhi, Aug 4 (ANI/Business Wire India): IFC, a member of the World Bank Group, has partnered with India's Rockland Hospital to expand its current facilities in New Delhi and build the first phase of a new 250-bed hospital in Manesar, Haryana State-a part of the country that is currently under-served.
This will include a dedicated geriatric facility - the Rockland Retreat for silvers (the elderly).
IFC will invest 10 million dollars in common shares and 4 million dollars in convertible preferred shares to Rockland Hospital. IFC's million (Indian Rupees 550 million equivalent) financing package will also be used to launch a television channel focused on health-related services.
Rajesh Srivastava, Chairman of Rockland Hospital, said, "We are excited to have IFC assist us in expanding our operations. We see IFC as a long-term strategic partner and value its knowledge of the private health care sector in emerging markets."
Rockland Hospital also plans to establish diagnostic capabilities and special geriatric facilities in districts around Manesar, thereby reaching out to low-income areas, Srivastava added.
Guy Ellena, IFC Director for Health and Education, said, "This project demonstrates IFC's commitment to social sector development. It also fits with our strategy to invest in health care, one of India's largest service industries where the private sector's involvement is critical.
Paolo M. Martelli, IFC Director for South Asia, said, "IFC is delighted to work with Rockland Hospital. The project will increase access to high-quality health care, especially for the growing population in Manesar, which has no sizable hospital at this time."