Artemis-EQ (IFC-49344)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Delhi National Capital Region
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 22, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Artemis Medicare Services Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 39.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 23, 2024

Disclosed by Bank May 20, 2024

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, IFC has provided equity investment of up to INR 3,300 million (approximately US$40 million) in Artemis Medicare Services Limited, in the form of equity / equity like securities. Artemis is a healthcare service provider operating in the Delhi National Capital Region (NCR) in India. Artemis operates through a multi-specialty tertiary care hospital, secondary care centres, mother and childcare centres, and cardiac care clinics. IFC’s investment aims to support the Company in its growth plan to increase bed capacity and introduce additional medical treatment specialties to address the demand-supply gap in healthcare infrastructure in Delhi NCR.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability. Key E&S aspects identified and appraised in the project as per IFC include: 1) Company’s capacity to establish and maintain corporate and facility level environment and social management systems (ESMS), both for operational and expansion projects, including construction works, in compliance with IFC PS requirements; 2) assurance of fair, safe and healthy labour working conditions in compliance to applicable regulations and PS2 requirements including key risks such as that related to occupational health and safety and nosocomial infections, gender based violence, grievance management, treatment of 3rd party workers, potential retrenchment and job losses for staff working in target asset and management of relation with the employee and their representatives (if relevant); 3) Company's project management capacity including contractor management during construction phase; 4) resource efficiency and management of hazardous biomedical wastes, air emissions and effluents; 5) community health and safety risks including life & fire safety (LFS) and emergency preparedness & response; and 6) stakeholder engagement and grievance mechanism.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The IFC investment comprises an equity investment of up to INR 3,300 million (equivalent to US$40 million) by subscribing to equity / equity securities issued by the Company.

Investment as approved by the board: 39.80 million (USD)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Artemis is amongst the leading healthcare provider in Delhi NCR. The Company is listed on the Bombay Stock Exchange and the National Stock Exchange and has a market capitalization of approx. US$ 260 million as of March 7, 2024. The Promoter group and family hold 68.03 percent of the total share capital of the Company and the balance is held by financial institutions and public. The promoter group holds the Company’s share mainly through Constructive Finance Pvt. Ltd. Mr. Onkar Singh Kanwar is the Chairman and Dr. Devlina Chakravarty is the Managing Director of the Company.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Artemis Medicare Services Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Artemis Medicare Services Limited
Sanjiv Kothari
Chief Financial Officer
+91-124 - 4511 111
sanjiv.kothari@artemishospitals.com
Artemis Hospital, Sector 51, Gurugram, Haryana, 122001
www.artemishospitals.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works