UK’s CDC Group invests $21 million in Asian Institute of Medical Services
CDC’s long-term investment will support the company’s five-year expansion into tier 2 and 3 cities in Jharkhand, Bihar and Uttar Pradesh
Mumbai: CDC Group Plc, the UK government’s development finance institution, on Monday said it has invested $21 million (Rs139 crore) in Faridabad-based healthcare services provider Asian Institute of Medical Services.
“CDC’s long-term investment will support the company’s five-year expansion into tier 2 and 3 cities in Jharkhand, Bihar and Uttar Pradesh, where it will add 1,000 beds at new and existing multi-specialty sites,” CDC Group said in a statement.
This expansion will create around 2,000 jobs and deliver training for nursing and paramedical staff in these cities, CDC added.
“We’re pleased to be able to support a healthcare company that will reach patients that currently have to travel many hours to large cities like Delhi and Calcutta to receive the treatment they need,” said Srini Nagarajan, managing director and head of South Asia at CDC.
“Our investment in Asian Institute will increase access to high-quality care in poorer and under-served cities in northern and central India. It will also create many jobs and training opportunities in these cities,” he added.
Asian Institute currently runs three tertiary care hospitals in Faridabad (Haryana), Moradabad (Uttar Pradesh) and Dhanbad (Jharkhand), two secondary care hospitals in Yamuna Vihar (Delhi) and Sambhal (Uttar Pradesh); and three health clinics in Faridabad, Palwal (Haryana) and Greater Kailash in Delhi.
The company will add up to 1,000 beds, to its current 775, through its existing facilities in Moradabad and Dhanbad and at new facilities in Haryana, Bihar and Jharkhand.
“At Asian Institute, we firmly believe that quality healthcare is a basic need and it needs to be delivered closer to where there is need and not only in big metropolitan centres. We already have our footprint in tier 2 and tier 3 towns,” said Dr N.K. Pandey, founder of Asian Institute of Medical Services.
CDC is an experienced investor in the Indian healthcare sector, having backed Narayana Health, Rainbow Hospitals and Manipal-CDC Ventures in the last three years.
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