HealthCare Global Enterprises Limited (HCG), a leader in oncology care in the private sector in India, announced that it has raised Rs 500 million in equity from IDFC Private Equity Fund II, a fund managed by IDFC Private Equity.

The company also plans to develop a nationwide network dedicated to oncology. Under the first phase of the project which entails an investment of Rs 1,500 million, 13 new cancer treatment centres at various locations and expansions to Bangalore Institute of Oncology will be undertaken. Besides, PET-CT centre and GMP radiopharmaceutical unit and Central reference laboratory and clinical trials management centre will be set-up.

Dr Ajai Kumar, chairman and Promoter of HCG Enterprises, said "We chose to partner with IDFC Private Equity based on a shared vision to build a nationwide network for oncology care and research in India".

Prakash Karnik, executive vice president, IDFC Private Equity said, HCG is very well positioned to shape the future of oncology care in the private sector in India."

HCG Enterprises Limited headquartered in Bangalore is the leading private sector oncology institution in India. HCG is a physician-led initiative that owns and manages a network of cancer centres, including the Bangalore Institute of Oncology, the Curie Centre of Oncology, the Bharath Hospital and Institute of Oncology in Mysore and the Malnad Hospital and Institute of Oncology in Shimoga. Triesta Sciences is the research services arm of HCG that undertakes molecular research as well as offers clinical trials and laboratory services in the field of oncology.

IDFC PE is the leading private equity investor in infrastructure in India. It manages funds of Rs. 28,500 million (US$ 630 million). Other investments of IDFC PE include GMR Infrastructure, Gujarat State Petronet, Chalet Hotels, Hotel Leelaventures (exited), Delhi International Airport, L&T Infrastructure Developers, Gujarat Pipavav Port, Manipal Health Services and International Recreation Parks.