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Fortis Malar's second hospital in Chennai will be ready by September/October this year.
About Rs 200 crore-225 crore is said to have been invested on this 250-bed hospital, according to sources close to the development.
Fortis Malar group has taken Kochar Towers on Arcot Road, Vadapalani on long lease.
The commercial building is being converted into a multi-speciality hospital spanning 1.5 lakh square feet.
Malar's other hospital in the city – a 250-bed centre – operates in Adyar.
In 2007, the Fortis Group acquired Malar Hospitals for Rs 26 crore. The group also has a presence in Puducherry through the 100-bed East Coast hospital which Fortis Malar operates and manages.
Fortis' acquisition of Malar came along with a Rs 20-crore debt. Malar wiped out all its accumulated losses in the second quarter of this year and is ready to expand.
Fortis Malar plans to expand in Tamil Nadu with hospitals in Madurai, Coimbatore and Tiruchi – these will be a combination of Greenfield projects and acquisitions.
Fortis Malar clocked a turnover of Rs 85 crore last year; this year it expects to finish at Rs 110 crore.
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