International Finance Corporation (IFC), a member of the World Bank Group, has plans to provide a loan worth $50 million loan to Apollo Hospitals, one of the largest healthcare groups in Asia, to offer high quality services to smaller cities across the country.

The proposed loan amount will be utilized by Apollo to expand its network of 'Reach Hospitals', which are designed specifically for less-developed population centers.

Reports suggest that Apollo Hospitals intends to set up 15 new hospitals in the next three years, an initiative that will create significant employment opportunities for local medical professionals.

Earlier this week, Apollo Hospitals dropped its plans to acquire some hospitals of privately held Wockhardt Hospitals due to differences in valuation.

The shares of the company closed today at Rs 513 on BSE, up 4% compared to its previous close of Rs 493.