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Rainbow Hospitals, which has 460 beds in four units in Hyderabad and Vijayawada, will invest Rs 100 crore to open two facilities in Bangalore — one near Whitefield and another in Jayanagar.
“While the Whitefield facility will have 200 beds, the other will have 100 beds. The two facilities will be ready by June 2015,” Ramesh Kancharla, Chairman and Managing Director of the 15-year-old paediatric hospitals group, told BusinessLine.
The group is also planning to set up units in Chennai, Visakhapatnam and another in Hyderabad with 100 beds. The NABH (National Accreditation Board of Hospitals) certified hospital would set up a hospital in Chennai in 2016 and a 150-bed hospital in Visakhapatnam the following year.
The group received investment of Rs 100 crore from the UK development finance institution CDC and the Abraaj group about a year ago. It was CDC’s first direct equity investment in the country since it launched the new strategy two years ago. For Abraaj, it was the sixth healthcare investment in South Asia.
“Besides utilising internal accruals, we will go for debt of Rs 60-70 crore to fund the expansion plan. We will spend two years on establishment and consolidation of the Bangalore facilities. We see a lot of demand in Bangalore for a quality children’s hospital,” Ramesh said.
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