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Global Hospitals plans `health city' in Chennai
Our Bureau
Hyderabad
April 4
Global Hospitals, which won the bid for the Chennai-based Sankara Hospital for Rs 257 crore, is planning to establish a Rs 1,000-crore `health city' on the 46-acre hospital site.
Addressing a press conference here on Tuesday, Dr K. Ravindranath, Chairman of Global Hospitals, said the investments would be made in phases in the next 10 years.
"We will ramp up the bed size to 1,000 from the present 450. We will set up medical research facilities, service apartments, multi-organ transplant institute, heart and lung institute and other specialities," he said.
The company won the bid facing tough competition from major players to acquire the ailing hospital run by the Sri Kanchi Kamakoti Peetam Charitable Trust at Perumbakkam on the Old Mahabalipuram Road.
On raising funds, he said the company has already tied up private equity funds to fund the investment plans. The company was also setting up hospitals in Bangalore, Mumbai and Kolkata. "The Chennai and Bangalore hospitals will be ready by the year end. The other two will be ready next year," Dr Ravindranath said.
The company, which would issue preferential shares to the investors, would have the majority stake even after the issuance of the shares. "We will go for a public issue within three years," he said.
"We are aiming at becoming a Rs 1,200-crore company by 2011-12," Mr Sekhar, Chief Financial Officer, said.
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