Investment platform India Resurgence Fund (IndiaRF), jointly promoted by Piramal Enterprises and Bain Capital, on Tuesday announced an investment of ~$66m (INR 5.25bn) in Ivy Health and Life Sciences Private Limited (Ivy). Following this investment, IndiaRF assumes majority ownership of Ivy.

As part of this deal, IndiaRF will acquire Ivy’s National Accreditation Board for Hospitals & Healthcare Providers (NABH)-certified facilities located in Mohali, Amritsar, Khanna, Hoshiarpur, and Nawanshahr. The agreement also includes an infusion of growth capital, aimed at enhancing the quality and scope of patient care services provided by Ivy’s existing facilities while expanding its reach to other cities in Punjab and neighbouring regions.

Unaprime Investment Advisors were the sell side advisors to the Promoters of Ivy Hospitals

Shantanu Nalavadi, MD of IndiaRF, commented : “Post Covid, there’s significant emphasis on providing localised healthcare in the form of multi-speciality regional hospital networks. Ivy has demonstrated its prowess as a regional healthcare provider catering to all segments by providing quality medical services at affordable prices.”

Gurtej Singh, Chairman and MD of Ivy Hospitals, commented : “We were the initial movers in this space who believed in the vast untapped potential for quality healthcare in the region, and I am excited to embark on this new journey with IndiaRF, with a common shared vision for the future.”