Healthcare firm Columbia Asia today said it has received USD 101 million (over Rs 675 crore) funding from Tokyo-based Mitsui & Co as the Japanese firm seeks to expand its hospital business.
As part of its investment, Mitsui will gain two seats on the Columbia Asia Board of Directors and play a role in company operations, Columbia Asia and Mitsui & Co said in a joint statement.
Columbia Asia will use the proceeds from the Mitsui investment to continue to expand its network of hospitals across Asia, including several current development projects, it added.
In addition, the company will open its first facility in Africa next month, a multi-specialty clinic in Nairobi, Kenya under a new brand 'Columbia Africa', the statement said.
Mitsui & Co Healthcare & Service Business Unit MD and COO Koji Nagatomi said: "Columbia Asia has proven over more than 20 years that it can enter new markets across various countries and develop international, high-quality hospitals that meet the needs of the emerging middle class."
The company has also established presence in countries where healthcare spending and insurance coverage are going up at a very rapid pace, which positions the firm well in coming decades, he added.
"We are thrilled to partner with Mitsui and share in its expertise in not just healthcare operations across Asia but its vast business operations in 65 countries on multiple continents," Columbia Pacific Management MD Nate McLemore said.
Seattle-based Columbia Pacific Management is the parent company of Columbia Asia.
At present, Columbia Asia has 27 hospitals and one clinic in India, Malaysia, Vietnam and Indonesia.
Source: Business Standard