• India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Limited and Bain Capital, Invested Rs. 525 Crores in Ivy Health and Life Sciences Private Limited (Ivy).
  • The hospital is estimated to be valued at Rs 1100 Crores.

About India Resurgence Fund (“IndiaRF”):

  • India Resurgence Fund (“IndiaRF”), promoted by Piramal Enterprises Limited and Bain Capital, invests capital from its $629mn maiden fund along with its co-investors.
  • IndiaRF looks to invest in businesses that have fundamentally strong growth prospects linked to consumption and infrastructure needs of India, and sectors that have strong standing in the global export market.

About Ivy Health and Lifesciences Private Limited:

  • Founded by Mr. Gurtej Singh and Dr Kanwaldeep Kaur in 2008, Ivy has grown to become the largest corporate chain of NABH-certified hospital. These facilities have a combined capacity of nearly 800 beds.
  • Ivy offers comprehensive multi-specialty care and procedures for patients, not just from Punjab but also from neighboring areas of Himachal Pradesh, Haryana and Jammu. The network treats over 300,000 patients a year.
  • The group is focused on cardiology, cardiac surgery, neurosurgery, orthopedics and urology.


  • 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 neighboring regions.
  • Following the transaction, IndiaRF has become the majority shareholder of Ivy.
  • Indian healthcare Industry is witnessing growth that can be seen in the recent hospital deals that include Manipal Hospitals acquiring 84% stake in AMRI Hospitals for Rs 2400 Crores, Fortis acquired Gurugram-based Medeor Hospital for Rs 225 Crore, Singapore’s sovereign wealth fund Temasek Holdings bought a majority stake in Bengaluru-based Manipal Health Enterprises for over $2 billion, Marengo Asia Healthcare backed by Samara Capital, Havells Family Investment Office and Godrej Family Investment Office, has acquired W Pratiksha Hospital, Gurugram.


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