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Medicover Hospitals, part of the European multinational healthcare & diagnostic major Medicover has firmed up a Rs 400 crore expansion in India.
The company will see an addition of bed strength by 1000 and establishment of 2 new hospitals by end of June 2020
“The growth will mainly be in setting up two Cancer hospitals in Madhapur, Hyderabad and Nellore in Andhra Pradesh. When they turn functional by June next year, along with the incremental changes in other hospitals, the total bed strength of the Group will touch 3000,” says P Harikrishna. Managing Director, Medicover Hospitals India.
“At present the Group operates 11 super speciality hospitals in Telangana and Andhra Pradesh. The focus of the near term growth will be Maharastra and Chhattisgarh.The target is to emerge as a 5000 bed, Rs 1000 cr turnover company by March 2021,” he says.
Medicover, (known till recently as Maxcure), has a turnover of Rs 650 crore, 2000 beds and 5000 employees at present. It wants to scale up its employee strength to 8000 thus providing a few thousand more jobs, Harikrishna told BusinessLine .
The Sweden headquartered, Medicover Group invested about Rs 320 cr for a 51 percent equity into Sahrudaya Healthcare Pvt Ltd., the holding company of Maxcure in 2017. Maxcure rapidly scaled up from 200 beds in 2015 to 2,000 beds by 2019. Recently, the company changed its name to Medicover Hospitals.
Also read: MaxCure Hospitals is now Medicover Hospitals
Medicover has diagnostic facilities in Bengaluru and Mysuru. It is also expanding its presence in fertility services.
Asked about the industry trend, Harikrishna said consolidation is imminent, with foreign investors increasing their stake in domestic players. The demand is very high across the country, but most often the facilities are concentrated in top cities. Expansion needs to happen in tier 2 &3 cities too, he felt.
Citing the example of Hyderabad, he said the bed strength in Cyberabad itself is racing close to 5000 soon as Development is concentrated there. Overall, while facilities are amongst the best in the country in Hyderabad, in most other parts of Telangana, there is huge shortage. The development has to move towards decentralisation in atleast basic healthcare, he felt.
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