Healthcare to clock 32 pc growth in 5 yrs

Bangalore, Apr 11 (UNI) Healthcare has emerged as a leading economic activity in the country generating 5.2 per cent of the GDP and looking at a 32 per cent growth annually over the next five years, Fortis Healthcare Ltd Executive Chairman Harpal Singh said today.

Stating that the increasing awareness on health among the public especially in the urban areas had resulted in a manifold rise in healthcare delivery in India by the private sector, Mr Singh told newsmen here.

The Government, both Centre and state, which were once a dominant healthcare delivery agency was now reduced to a minority contributing hardly one per cent of the 5.2 per cent GDP.

Churning into a multi billion dollar industry, healthcare offers tremendous potential for growth, he said. The group currently manages 12 hospitals across the country and is the second largest in India after the Apollo group.

He said the group is setting up a 250 bed hospital in New Delhi at a cost of Rs 200 crore.

To part-fund the project it has floated an IPO opening on April 16 to raise Rs 423-Rs 500 crore offering about 46 million equity shares of Rs 10 each on a 100 per cent booking building process with the price band ranging between Rs 92 and Rs 110 per share.

The net issue constituted 20.19 per cent of the post issue paid up equity share capital of the country. The company had already concluded a pre-IPO allotment of 10.67 million shares with four entities a prices ranging between Rs 135 and Rs 159.50 per share aggregating Rs 153.69 crore.

UNI