PE Fund Investments
Hospital chain Artemis Medicare to raise Rs.330-Cr from IFC
Gurugram-based hospital chain Artemis Medicare Services is to raise INR 330 crore from International Finance Corporation (IFC) in the form of compulsorily convertible debentures (CCDs). Artemis plans to use the proceeds of the funds to increase bed capacity, and introduce advanced specialty services. It is also looking to set up cardiac care centres, expand in tier 2 and 3 cities and in the Delhi NCR region through a combination of brownfield and greenfield opportunities.Onkar Kanwar and his family, who are also the promoters of Apollo Tyres, own 68% in Artemis.Artemis operates 713 beds predominantly in the Delhi NCR region, including a 541-bed super speciality hospital in Gurugram and five hospitals under the Artemis Lite and Daffodils brands. The company also runs seven centres under the Artemis Cardiac Care brand in a joint venture with Philips.Artemis ended FY24 with gross revenues of INR 922 crore and a net profit of INR 49 crore.
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