Global Hospitals, which runs hospitals in Mumbai, Chennai, Bangalore and Hyderabad, will infuse private equity funds to the tune of Rs 150 crore next month.
“We are in the process of finalising the deal. We are confident of closing it in January 2013,” Dr K. Ravindranath, Chairman and Managing Director, Global Hospitals, told Business Line .
A multi-specialty tertiary care hospital, Global Hospitals said last week that it had recently completed 200 liver transplantations.
Expansion postponed
He did not, however, indicate the size of dilution the hospital might go in for as it infuses funds.
The company is expecting to close this financial year with a turnover of Rs 500 crore.
“We will put on hold the expansion to other cities for a while and focus on expanding and consolidating the existing hospitals.
“We will be adding about 600 beds in all — Mumbai (250 beds) Chennai (200), Bangalore (100) and Hyderabad (25) — in the next few months,” he said.
After the expansion and consolidation, the company will have 2,200 beds in all across these cities. It will take up the expansion plans of moving to New Delhi and Kolkata after two years.
“We are targeting to increase the turnover by 50 per cent to cross the Rs 750-crore mark in 2013-14,” he said.
Dr Ravindranath said the company hopes to become a debt-free entity in the next three years by retiring high-cost debt in phases.
Global Hospitals is the third hospital in Hyderabad to attract huge funds in the last three years.
In 2009, Milestone Religare had put in Rs 60 crore in KIMS (Krishna Institute of Medical Sciences) that the then seven-year-old firm needed for expansion of bed strength and new specialities.
Early this year, investment firm Advent International picked up stake in CARE Hospitals group for Rs 520 crore.
AP healthcare
In a recent study, research firm Deloitte said Andhra Pradesh had a shortage of healthcare facilities with just 0.21 beds for every 1,000 people, and 0.02 doctors, 0.06 nurses and 0.03 paramedical personnel.