Published On:August 5 2008
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IFC to invest $14-mn in Rockland Hospitals

New Delhi: The World Bank Group’s private sector lending arm International Finance Corporation (IFC) said it will invest Rs 55 crore ($14 million) in Delhi-based Rockland Hospitals to support its expansion plans.

Rockland Hospitals plans to expand its facility in the national capital and set up a 250-bed hospital in Manesar, Haryana. “IFC will provide $10 million through equity investments and another $4 million in convertible shares to Rockland Hospital,” IFC said in a statement.

The project will help broaden access to high-quality health care and good administrative and patient care to common people, it said. Mr 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 in districts around Manesar and reach out to low-income areas, he added.

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