Panacea Biotech forays into healthcare, to construct hospital

New Delhi, Jul 4 (UNI) Panacea Biotec Ltd, a vaccine and drug maker, today said it has forayed into healthcare delivery sector and will set up a 220-bed multi-specialty hospital in Gurgaon with an investment of Rs 80 crore.

The health management firm has entered into an agreement with Dr Umesh Gupta of Umkal Group towards this effect, it said in a statement.

''The total cost of the hospital will be funded by a mix of debt and equity. We will invest Rs 60-80 crore in the project,'' company Joint MD Rajesh Jain said.

The potential market for a corporate hospital will comprise of very rich consuming class and part of the climbers, which would be close to 25-30 per cent of the market, he said.

''We would also target medical tourism, especially the category of medical traveller from developing countries,'' Mr Jain said.

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