Artemis Medicare Raises Rs 330 Crore From IFC For Expansion Plans

Artemis Medicare Services Ltd on Thursday said it has completed raising of Rs 330 crore from International Finance Corp. to fund its expansion plans and enhance footprint.

The company's committee of directors on preferential issue has approved allotment of fully paid unsecured compulsorily convertible debentures of Rs 330 crore to International Finance Corp., a member of the World Bank Group, Artemis Medicare Services said in a statement.

'The investment will help the company improve healthcare accessibility and quality by supporting its growth plans in bed capacity, introducing newer medical treatment specialities, and establishing cardiac care centres in Tier 2 and 3 cities,' it added.

Artemis Medicare Services Chairman Onkar Kanwar said, 'IFC's partnership aligns with our vision and mission to create an integrated world-class healthcare system and introduce cutting-edge technologies to solve complex health issues for all sections of society.'

He further said, 'We are already in advanced stages of adding around 200 new beds through our brownfield expansion in our flagship hospital. This investment will allow us to further expand our coverage in Delhi-NCR and select tier 2 and 3 cities.'

Artemis operates a total of 713 beds predominantly in Delhi-NCR, including a 541-bed Joint Commission International and National Accreditation Board of Hospitals and Healthcare Providers certified quaternary care, super speciality hospital based in Gurugram and five hospitals under the Artemis Lite and Daffodils brands.