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Wednesday, December 27, 2006

Paras enters healthcare, to invest Rs 400 crore

It’s a story from health to health. After milk, Paras group has forayed into healthcare.

With one fully functional hospital in Gurgaon, the group now plans to invest another Rs 400 crore to set up new hospitals as well as make acquisitions in the national capital region. The company has plans to set up two super-speciality hospitals with an investment of Rs 150 crore each.

“We have already made land acquisition for our green-field project in Noida and are in the process of finalising the plan,” the managing director Paras Hospitals Dr Dharmendra Nagar said. Another hospital is expected to come up in Shahdara, he added. Both these hospitals will have a capacity of 250 beds. The company is also looking at acquiring two hospitals in Delhi. This will need an investment of Rs 60-70 crore per hospital, the MD said, reports The Economic Times.

Through our brownfield projects we want to cater those areas where medical health facility is still unavailable. “In the case of Gurgaon we found that there was no big hospital to cater to the needs of the region and that is how we set up the hospital there with an investment of Rs 100 crore,” the MD said.

As far as funding of these projects is concerned Paras group has tied up with KPMG as consultant. They are also looking at funds from private equity investors in the near future and are expected to float an IPO by the first half of next year, according to Dr Dharmendra Nagar.

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