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IDFC Private Equity Invests Rs 90 Crore In Manipal Health Systems

by Medindia Content Team on  June 29, 2006 at 12:43 PM Corporate News   - G J E 4
IDFC Private Equity Invests Rs 90 Crore In Manipal Health Systems
Marking its first major investment into country's booming healthcare market, infrastructure investor IDFC today said it has placed a private equity placement of Rs 90 crore in Bangalore-based Manipal Health Systems , acquiring a minority stake in the firm.
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The investment was made by IDFC Private Equity Fund II, a fund managed by IDFC Private Equity.

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"We have acquired a minority stake in the firm and we will be part of it for a period of five years. We will also have an option to exit from this investment as the firm plans to go public," IDFC president & CEO Luis Miranda told PTI here.

Manipal Health Systems currently manages three tertiary care hospitals, eight secondary care hospitals and nine primary care centres in South India, including Bangalore-based Manipal Hospital.

The Company aims to grow organic as well as inorganic way, which will get a boost after this investment.

Manipal Health Systems is promoted by the Manipal Education and Medical Group (MEMG). The group operates an extensive network of healthcare and educational institutions in South India.

"This investment will help us reach our growth plans even faster. We are expanding beyond the south and are looking at setting up facilities in centres like Delhi and Mumbai," Manipal Health Systems CEO R Basil said.

Source:PTI News
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