Max Healthcare Institute announced plans on Monday to invest approximately Rs 1,600 crore in expanding its capacity in the national capital region by adding approximately 1,000 beds in Gurugram, Haryana. According to a regulatory filing, Max Healthcare Institute “is further fortifying its presence and expanding its bed capacity in NCR by adding two hospitals of around 500 beds each in Gurugram.”
The Max Healthcare board of directors approved the expansion plan earlier in the day, according to the company.”The total investment is expected to be around Rs 1,600 crore. The expansion plan is proposed to be funded through internal accruals, borrowings, and/or any other means permitted by applicable laws “According to Max Healthcare Institute.
HSVP (Haryana Shahri Vikas Pradhikaran) has allotted two land parcels measuring approximately 6.11 acres and approximately 5.26 acres for the two hospitals following the company’s successful bid in a recent HUDA auction, it added.
“The two newly acquired land parcels will be built in phases, adding around 1,000 beds over the next 4-6 years and further strengthening our presence in NCR,” Max Healthcare Chairman and MD Abhay Soi said.
According to the filing, Max Healthcare currently operates a multi-specialty hospital in Gurugram.
Max Healthcare Institute’s shares closed at Rs 352.95 per scrip on the BSE, down 1.63 percent from the previous close.
Max Healthcare is one of the largest private sector hospital chains in terms of revenue, with the majority of its 17 facilities located in northern India.
Eight hospitals and four medical centres are located in Delhi and the NCR, with the rest in Mumbai, Mohali, Bathinda, and Dehradun.