New Delhi: Global Health, which operates the hospital chain Medanta, will be entering the Mumbai market with a proposed super specialty hospital of over 500 beds capacity at an investment of Rs 1,200 crore. The Rs 1,200-crore investment, which includes cost of land and construction, would be funded by debt and internal accruals in equal proportions, a senior executive of the company told ET.
The company said the hospital will have advanced treatment options for the residents of Mumbai and surrounding regions.
“Mumbai has been on our radar for many years, but getting suitable land was a challenge, since this land parcel came up for public auction by the government, we decided to bid for it,” Ravi Gothwal, head of investor relations at Medanta, said.
“Once we get customary and regulatory approvals, it would take around 3-4 years to complete the project,” Gothwal added.
Once completed, the proposed hospital would be the second largest private hospital in Mumbai after the 750-bed Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH).
Medanta typically builds large-format hospitals, its Gurugram hospital has 1,140 beds, Lucknow has 699 with a plan to expand it to 950, Patna has 376 with potential expansion to 650 beds. In July, Medanta acquired 8,859 square meters of land in Oshiwara in the western suburbs of Mumbai from Maharashtra Housing and Area Development Authority for ₹125.1 crores in a public auction. The company has made the payment of ₹125.1 crore and is awaiting possession of the land. Medanta outbid Thane-based Jupiter Hospital to get the Mumbai land parcel.
Medanta has a total capacity of 2,823 beds as on March 31, 2024. It plans to add 550 beds across Gurugram (50), Lucknow (50), Patna (150) and Noida (300) in FY25. It also has plans for a 400-bed hospital in South Delhi in partnership with realtor DLF. In Indore it has announced 300-bed with a real estate partner with additional 250 bed capacity in Noida.
Profit, Revenue Growth
On Friday Medanta reported ₹106.3 crore net profit with year-on-year (YoY) growth of 4.2 per cent in Q1FY25. The company’s revenue rose 11 per cent YoY to ₹883 crore in Q1FY25. The company attributed the growth in net profit to higher patient volumes, increase in bed occupied days and improvement in realisations.
