Medica plans Kolkata hospital

Medica Synergie Private Limited, one of the pioneers of the Yashaswini insurance scheme, a medical cover for small and marginal farmers at an annual premium of Rs 90 in Karnataka, is planning to build a 350 bed hospital in Kolkata.

The hospital would come up on the Eastern Bypass area of the city within the next one and a half year, said Alexander Kuruvilla, president and CEO, Medica Synergy.

The investment of Rs 80 crore, earmarked for the project would be raised through a mix of venture capital, debt and internal accruals.

This apart, Medica would substantially expand its retail pharmacy chain in the east.

It would add nearly 250 pharmacies to the existing 12 in in the next three years in the region.

About 70 of the outlets would be in Kolkata, claimed Kuruvilla.

Each of the pharmacies would entail an investment of around Rs 15 lakh, he said.

This apart, the hospital had plans to operate nearly 10 other hospitals in the east and the north east region, he said.

Also, the hospital is keen to operate government hospitals in the north east region.

"We are exploring the opportunities of developing the government-owned hospitals in PPP model, and are in talks with three state governments in the area," he said. Kuruvilla said, once his company establishes a firm presence in the east and the north east, it would devise an insurance scheme like Yashaswini for farmers in West Bengal and the north-east.

Medica Synergieis was jointly owned by five entrepreneurs from the southern part of the country.