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 in common shares and $4 million in convertible preferred shares to Rockland Hospital. IFC’s $14 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.