Financial Daily from THE HINDU group of publications
Wednesday, Aug 24, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 24, 2005 |
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Industry & Economy
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Medical Institutions & Hospitals Mumbai's new 1,000-bed hospital eyes medical tourists P.T. Jyothi Datta
Mumbai , Aug. 23 WITH an eye on medical-tourism, a 1,000-bed hospital is slated to come up close to Mumbai's Sahar International Airport. The multi-speciality hospital project is a follow-through on the BMC's (Brihanmumbai Municipal Corporation) unfinished cancer hospital project, said Dr Jitendra Maganti with the Seven Hills group, entrusted with the task of building the hospital. The estimated Rs 430-crore project will include a hospital and a home for senior citizens, said Dr Maganti, Chairman and Managing Director of Seven Hills Hospitals Ltd (SHHL). Work on the project is scheduled to start next month. The senior citizens' home is an estimated Rs 70 crore project. A formal lease agreement on the project is to be signed between BMC and the Seven Hills group by month-end. The BMC's unfinished cancer hospital had to be discontinued due to financial constraints, he said and added that the structure was being brought down and reconstructed to house the multi-speciality facility. The hospital would focus on cancer, neurology, cardiovascular, nephrology, cosmetic-surgery and orthopaedics. The project will be completed by October 2007, he said. About 20 per cent of the hospital's beds would be for municipality patients and facilities to these patients would be at municipal hospital rates, he added. A new company, Seven Hills Healthcare Ltd has been floated for the project and SHHL is the main promoter in this company. On how the estimated Rs 430-crore SHHL would finance the project, Dr Maganti said about Rs 270 crore would come from bank loans. He expected to close these financial tie-ups by mid-September. SHHL would put in about Rs 90 crore from its own pocket, he said. The company was considering diluting its equity in favour of a foreign equity investor interested in healthcare projects, he said. A decision on this would be taken in two months, he added.
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