CDC invests $48 million in Narayanaa Hrudayalaya hospitals
CDC will receive a small minority stake in return for its investment
Mumbai: CDC, the UK’s development finance institution, has invested $48 million ( ₹ 299 crore) in Narayana Hrudayalaya hospitals, a multi-speciality healthcare provider, it said on Wednesday.
CDC will receive a small minority stake in return for its investment, the statement said.
Narayana Hrudayalaya was founded by heart surgeon Dr. Devi Shetty and operates a chain of hospitals in India under the brand name of Narayanaa Health.
With this investment, Narayana Health will expand affordable treatment in eastern, central and western India.
“Our long-term capital and strategic support can help Narayana Health build on the success that it has had in using innovation and its scale to deliver world-class healthcare standards to its lower and middle-income patients," said Srini Nagarajan, CDC’s head of South Asia.
Narayana Health current employs more than 12,500 people, and undertakes more than 13,500 cardiac surgeries every year, accounting for 10% of the national figure, according to the statement.
The company treats over 200,000 inpatients and 1.5 million outpatients each year. The healthcare provider expects to create an additional 8,000 jobs.
“We partnered with CDC because they are interested in long-term societal transformation and this objective is closely aligned with our goal," said Shetty.
In 2014, CDC made a number of direct investments in India including in Ratnakar Bank Ltd and Equitas, a microfinance firm.
On 4 December, CDC pledged $30 million ( ₹ 185 crore) in Rabo Equity India Agri Business fund that is focused on food and agribusiness companies.
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