Coimbatore-based healthcare firm Kovai Medical Centre and Hospital (KMCH) is expanding its business to Chennai with the acquisition of land to build here in the city.
The Board of KMCH has approved a proposal for the purchase of around 1.11 acres of land and building located in Sholingannalur from M/s. MTL Instruments Private Ltd, the company said in a exchange filing. MTL Industries, the seller of the property, is a division of power management company Eaton
KMCH specifies the purpose of the acquisition as “expansion of project.” The considerations for the purchase is said to be “not exceeding ₹60 crore” and will be met through internal accruals and bank loans.
Separately, the board also approved proposal of leasing the same property from MTL Industries for a lease rent of ₹3.6 crore annually, exchange filings show.
KMCH is a multispecialty hospital based in Coimbatore, and it provides healthcare services across all major areas of medicine. The group recorded a revenue of ₹355 crore in the quarter ended December 2024. Besides its largest premises in Avinashi Road, it also has smaller peripheral centres in three other locations in the city.
Nalla G Palaniswami, Thavamani Devi Palaniswami, and Arun N Palaniswami are among the promoters and management team at KMCH.
The shares of the listed healthcare provider closed the trading day flat at ₹5,323.45 per share.