International Finance Corp. (IFC), the private sector division of World Bank, Monday announced its plans to invest Rs.3 billion in India's Max Healthcare Institute for its expansion plans.
Max Healthcare Institute is a subsidiary of Max India, a multi-business company with interests in life insurance, health care, clinical research, and specialty plastics.
"While the government is focusing its resources on increasing services to the rural areas, it is critical for the private sector to complement the public sector by expanding access to meet the demand," Guy Ellena, IFC director for health and education, said in a statement here.
The proposed expansion will add 452 beds to Max Healthcare's existing 765-bed capacity in its hospitals. It will also include adding 268 beds to its Patparganj unit here; a new 100-bed secondary and tertiary hospital in Dehradun; and an 84-bed tertiary hospital focused on obstetrics, gynaecology, and paediatrics at its Saket branch in south Delhi.
The project is also expected to create 4,500 jobs in the medical industry during the construction phase.
"Max Healthcare is proud to partner with IFC. This partnership recognizes our efforts to establish benchmarks of medical excellence and outstanding quality of service," said Max India chairman Analjit Singh.
"IFC's investment will help us realize our vision of emerging as one of India's leading healthcare providers," Singh added.
IFC, which supports private sector-led development through direct investment to promote growth, has invested over 400 million dollars in various projects across India in the 2005-06 fiscal.