Noida-based real estate player Assotech Limited has diversified into the healthcare sector.
The real estate player has lined up an investment of Rs 150 crore in setting up a 400-bed multi-speciality hospital at Patna which is set to be operational by the end of 2012.
The multi-speciality hospital, the first major private investment in the healthcare sector in Bihar, aims to provide tertiary level healthcare in the state and also to the entire eastern region.
The company had recently laid the foundation stone of this hospital project named as Medilifecare Multispeciality Hospital.
“The healthcare sector needs good hospitals and our foray into this sector will help fill this gap. Our hospital at Patna will be tertiary care hospital with latest facilities”, said Sanjeev Srivastava, managing director, Assotech Limited.
“We are looking at more opportunities for setting up hospitals as well as medical colleges and nursing colleges to meet the human resource requirement. The company has decided to diversify into the healthcare sector as it has identified the sector as one of the key areas of growth”, he added.
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While Assotech will hold 60 per cent of the stake in the hospital project, the remaining equity will be offered to 15-20 doctors.
Two-thirds of the total project cost will be met through bank loans and the rest from the promoters which includes Assotech and the partner doctors.
The proposed multi-speciality hospital will offer facilities of global standards in ten super specialities- cardiology and cardiac surgery, neurology and neuro surgery, plastic surgery, gastroenterology, nephrology, orthopaedics, oncology, pulmonary medicine, endocrinology and gastro surgery, dental and maxillo facial surgery.
Besides, the hospital will also offer treatment in eight other general specialities like general medicine, general surgery, paediatrics, ophthalmology, ENT (ear, nose and throat), obstetrics and gynaecology along with support facilities like pathology radiology and nuclear medicine.
Assotech is looking to tap the healthcare sector in the country which has been posting a year-on-year growth of 30 per cent due to rapid growth in population, expectation of better healthcare facilities and subsequent increase in healthcare spending.