The International Finance Corporation, the private sector arm of the World Bank Group, will fully exit its stake in New Delhi-based healthcare provider Max Healthcare, according to a company statement.
IFC will sell its entire 7.5 percent stake to Max India, Max Healthcare’s parent company, and South African hospital operator Life Healthcare for INR 4.23 billion ($65.5 million; €60.3 billion).
Following the deal, the pair will each own about 50 percent in the company.
IFC acquired stakes in the company in multiple tranches over a period of 10 years, including a $59.2 million equity investment in 2007 and a further $31.25 million in 2009.
Max Healthcare owns and operates a network of 14 hospitals across India, offering treatment for 30 specialities from cancer care to neuroscience and orthopaedics.
In March, IFC, Max Healthcare and US-based digital health start-up WellDoc launched a mobile application for diabetes care, which will be piloted with a group of patients in Delhi.
IFC has been an active investor private healthcare, with an active portfolio of about $1.7 billion of health investments globally.
In India, IFC’s healthcare investments are valued at over $477 million, representing 28 percent of its global healthcare portfolio. Among its investments are kidney care provider NephroPlus, eyecare chain Eye-Q Vision, and home care provider Portea. In December 2016, IFC also invested $67 million in Apollo Health and Lifestyle Limited to expand Apollo’s small-format healthcare centres across India.