Cardiac care major Narayana Hrudayalaya Hospitals is planning to invest Rs 2,000 crore to expand its capacity in tier-II and tier-III cities in India and new facilities overseas.
The Bangalore-based group has chalked out plans to add 23,000 beds across the country to its existing 7000-odd beds in 17 hospitals in the next five to seven years. According to A Raghuvanshi, Group CEO, Narayana Hrudayalaya will raise capital, either through listing or through garnering of long-term investment from international funds.
“We will increase our capacity up to 30,000 beds in India from the current 7,000 beds over the next five to seven years. Our overseas expansion includes setting up of multi-speciality hospitals in Cayman Islands and Kuala Lumpur,” Raghuvanshi told reporters here on Thursday.
He was here to announce the Group’s partnership with Howrah-based Westbank Hospital for setting a cardiac care unit.
Narayana Hrudayalaya has acquired 500 acres of land in Cayman Island, a British Overseas territory and tax heaven, for setting up the proposed hospital. It would initially have a 200-bed facility.
The Group has already tied up with Columbia Asia for the other proposed 50-bed heart care facility in Kuala Lumpur. While the proposed facility at Cayman Islands would entail an investment of $60 million, the facility at Kuala Lumpur would cost $100 million.
“For raising capital, IPO is an option. But, that is not our preferred route. We are rather looking forward to work with some wealthy (international) individuals who understand healthcare industry and are looking for long-term investment horizons,” Raghuvanshi added.
According to him, overseas private equity investors currently hold nearly 23 per cent stake in the group.
The group is also planning to expand its operations in East Africa.
“We are looking at the East African nations of Kenya, Tanzania and Zambia for setting up hospitals,” Raghuvanshi said.