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Dr Agarwal’s Group raises Rs 215 cr from CDC Group, aimed at expansion
Dr Agarwal’s Healthcare Ltd (DAHCL) has raised Rs 215 cr of debt from CDC Group to expand the geographical footprint of the eye care chain across India, Africa and South Asia along with significant investments in latest technology for super specialty eye-care.
The group has recently set up its first hospital in Mumbai in partnership with Advanced Eye Institute in Navi Mumbai. DAHCL had raised Rs 270 crore investment from Temasek, a global investment company headquartered in Singapore earlier this year.
CDC Group is a development finance institution funded by the UK government. The CDC group has primarily focused on investing in developing countries for the past 70 years across sectors such as healthcare, financial services, infrastructure. Its direct investments in health care in India include Rainbow Hospitals, CARE Hospitals, Asian Institute of Medical Sciences and Narayana Health. “CDC’s investment will immensely help in furthering our vision in bringing affordable world class eye-care services to patients across the globe,” said Prof (Dr) Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals.
Dr Adil Agarwal, CEO, Dr Agarwal’s Group of Eye Hospitals said “The investment will be used to support the business through its next phase of growth, including the acquisition of small hospitals and chains. With CDC’s focus on Africa and South Asia, the group is looking to bolster its international presence. We are also looking to expand aggressively in Maharashtra, Kerala and central India besides penetrating deeper into our existing markets.”