IFC to back GSK Velu’s African medical technology firm Trivitron
World Bank’s private-sector investment arm International Finance Corporation plans to provide a $2.75 million loan (about Rs.18 crore) to healthcare entrepreneur GSK Velu’s new medical technology company in Africa.
The loan will complement the $7.25 million of equity that Velu’s Trivitron Healthcare Pvt. Ltd and private equity investor Investment Funds for Health in Africa (IFHA) are injecting into Trivitron Healthcare Africa BV, IFC said in a disclosure.
IFHA and Star Trivitron FZ LLC, a wholly owned subsidiary of Chennai-based medical equipment distributor Trivitron Healthcare, had tied up in January to form Trivitron Healthcare Africa.
IFHA invests in small and medium enterprises in the private healthcare sector in Africa. Trivitron makes and distributes medical equipment. It has nine manufacturing facilities in India, Finland and Turkey.
Founded by Velu in 1997, Trivitron Healthcare Africa will provide medical devices and instruments as well as after-sales service support across Africa. This will improve access and affordability of medical equipment across the continent.
In its first phase of operations, Trivitron Healthcare Africa will focus on four major hubs: Nairobi, Kenya; Johannesburg, South Africa; Lagos, Nigeria; and Algiers, Algeria. It will use these hubs to support neighbouring countries and manage an extensive channel partner network across the African continent.