Fortis Healthcare to Receive INR3.7 Billion Equity Infusion in SRL Through IFC and NYLIM Jacob Ballas India (Asia)

Source: Fortis Healthcare

Fortis Healthcare, an integrated healthcare provider operating across the Asia Pacific region, has announced that International Finance Corporation (IFC) and Jacob Ballas India (JBC), an India-focused private equity advisor, will invest INR3.7 billion (approximately US$66 million) in Fortis subsidiary Super Religare Laboratories (SRL), an India-based diagnostic services network. JBC, through its NYLIM Jacob Ballas India Fund III, and IFC will invest INR2.5 billion and INR1.2 billion, respectively, through compulsorily convertible preference shares. Following the conversion, Fortis Healthcare will own 55 to 56 percent of SRL, which plans to use the capital infusion to retire debt and extend its network in Asia.