Wockhardt to invest Rs 1,000 cr for setting 10 hospitals in 3 yrs

New Delhi, Nov 16 (UNI) Pharmaceutical and biotechnology major Wockhardt today said it will invest about Rs 1,000 crore for setting up 10 hospitals, primarily across the Tier-II cities, over the next three years.

''We will pump into Rs 1,000 crore in the next three years on expansion,'' company Chairman Habil Khorakiwala told reporters here on the sidelines of India Economic Summit, jointly organised by the World Economic Forum and the CII.

At present, the Mumbai-based pharma major has 15 hospitals with about 1,500 beds across the country. ''We will add 10 hospitals to our kitty, which will take the total number of beds to 4,000, over the next three years,'' he added.

The company is looking at the tier II cities such as Goa, Patna, Varanasi, Jabalpur for setting up these hospitals.

''The company is also looking for local partners in these Tier-II cities for setting up some of the hospitals,'' Mr Khorakiwala said.

The cost will be partly borne by internal accruals and the rest of the money will come from private equity players, he said.

UNI SBA/MP SG CS1852