Manipal Group to build greenfield hospital in Delhi

Bangalore, June 29 (UNI) Actively eyeing growth across the country, the Manipal Group is planning a greenfield hospital in New Delhi, besides acquiring one at Vijayawada in Andhra Pradesh.

Talking to newspersons here, Group CEO Ranjan Pai said the New Delhi hospital would be initially a 150-bedded one and gradually increased to 500-600 beds. The initial investment would be around Rs 80 crore, he added.

On the Vijayawada acquisition, he said talks were in the advanced stage to take over a five-year-old hospital having 300 beds. It would be on a 25-year lease and the investment was expected to be around Rs 20 crore.

About overseas plans, Dr Pai said the Group, which had a medical school in West Indies, was planning to expand it to a teaching hospital. Similarly, it was also looking at acquiring a hospital in the Middle East.

The Group, which recently closed a private equity contribution of Rs 90 crore, aimed at raising debt and using internal accruals to fund growth plans. Though IPO route was not immediately on the radar, it might be posible in the next four to five years, he said.

Growing at 30 per cent, the Manipal Health Systems, having hospitals with a combined strength of 5,000 beds, was expected to register a turnover of Rs 250 crore this year as against Rs 170 crore last year.

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