Business

Asian to get $21 mn from CDC Group

CDC Group Plc, the U.K.’s development finance institution, has decided to invest $21 million (₹139 crore) in Asian Institute of Medical Services (Asian) to enable the healthcare service provider to expand to tier-2 and tier-3 cities in Jharkhand, Bihar and Uttar Pradesh.

Established in 2010, Asian is a 775-bed hospital operator with multi-specialty facilities including cardiology, oncology, critical care and orthopaedics to underserved cities in north and central India.

Asian plans to add 1,000 beds and will create about 2,000 jobs. It also plans to deliver skills training for nursing and paramedic staff, the company said in statement.

CDC’s long-term investment will support the company’s five-year plan to expand into tier 2 and 3 cities in Jharkhand, Bihar and Uttar Pradesh, where it will add 1000 beds at new and existing multi-specialty sites.

Welcoming the investment in Asian Institute of Medical Services, CDC managing director and Head of South Asia, Srini Nagarajan said, “We’re pleased to be able to support a healthcare company that will reach patients that currently have to travel many hours to large cities like Delhi and Calcutta to receive the treatment they need. Our investment in Asian will increase access to high quality care in poorer and under-served cities in Northern and Central India. It will also create many jobs and training opportunities in these cities.”

Asian Institute of Medical Services Founder, Dr. N K Pandey said, “At Asian, we firmly believe that quality healthcare is a basic need and it needs to be delivered closer to where there is need and not only in big metropolitan centres. We already have our footprint in tier 2 and tier 3 towns. Our association with CDC is going to support us in expanding our services further in States like UP, Bihar and Jharkhand.”

CDC is an experienced investor in Indian healthcare having backed Narayana Health, Rainbow Hospitals and Manipal-CDC Ventures in the last three years.

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Printable version | Oct 22, 2020 3:45:01 PM | https://www.thehindu.com/business/asian-to-get-21-mn-from-cdc-group/article22661443.ece

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