Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

the Manipal Group is broadly classified into (a) Health Service i.e. management of hospitals (b) Educational Service i.e. management of Universities. The broad holding structure is as under: Manipal Group’s educational business in USA and its neighboring countries are handled by the SPV viz; Manipal Education Americas, LLC (MEA). American University of Antigua Inc., Antigua (AUA) is the major operating entity under the group overseas. 100% shares of AUA are held by MEA. AUA is mainly in the field of medical and allied education. Majority of its students are from USA with minimum GPA (at least 2.75) or having cleared Step-1 of the USMLE (United States Medical Licensing Examination). AUA offers a 4/6 year MD program recognized by New York and California medical boards. It also caters to students not directly eligible to join the MD course through its pre-medical program. Currently, AUA has 127 students enrolled in 2-Year Associate of Science program i.e. premedical course and 1,795 students enrolled in medicine course. AUA is in the final stage of receiving the Title-IV license from US department of Education for which ICICI Bank provided the SBLC of USD 36.31 million as per requirements. AUA has projected increase in enrolment of students in medical courses from existing strength of 1922 to 3311 after receipt of Title IV approval. India Exim Bank on September 28, 2015 had extended OIF Term Loan of USD 30 million towards refinancing the term loan from Standard Chartered Bank utilized by MEMPL’s wholly owned subsidiary, Manipal Education Americas, LLC, USA (MEA) for establishing universities outside India including American University of Antigua Inc., Antigua (AUA). India Exim Bank had sanctioned an Oversea Investment Finance (OIF) term loan of USD 24 million in July 2013 to PCH2, a Manipal Group company managing AUA’s student loan portfolio. PCH2 LLC, USA has repaid the OIF term loan of USD 24 million fully on July 17, 2014.

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Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation