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Deutsche Investitionsund Entwicklungsgesellschaft MBH-backed Ivy Health and Life Sciences Pvt Ltd (Ivy) is planning to raise $12.1 million from World's Bank investment arm International Finance Corporation (IFC).
The money will be utilised to fund its $25.8 million expansion plans. Ivy, one of the leading regional players in the Indian private hospital sector, plans to increase the number of operational beds by 550 through organic expansion in Punjab, other regions north of the National Capital Region (NCR).
The funds will also be used for debt reduction.
Ivy had 670 operating beds and a bed capacity of over 770 beds in Punjab as of April 2015. The company’s flagship hospital is in Mohali and has 200 operational beds. It also operates four 100-200 bed multi-specialty hospitals in Nawanshahr, Khanna, Hoshiarpur and Amritsar.
It is in the process of building two hospitals in Bhatinda and Jalandhar.
