Delhi-based Moolchand Healthcare on Wednesday said it has acquired a hospital in Agra which it plans to expand to a 300-bed facility with a total investment of Rs 75 crore.
New Delhi: Delhi-based Moolchand Healthcare on Wednesday said it has acquired a hospital in Agra which it plans to expand to a 300-bed facility with a total investment of Rs 75 crore.
The healthcare provider has completed the acquisition of Pankaj Apollo Hospital, a 200-bedded tertiary care hospital based in Agra, Moolchand Healthcare said in a statement.
"This acquisition is in line with Moolchand Healthcare's Rs 500 crore expansion plan announced earlier this year and enables Moolchand to expand its footprint to cover Western Uttar Pradesh," Moolchand Healthcare Managing Director Shravan Talwar said.
The acquisition also provides Moolchand an early mover advantage as leading hospital groups are largely absent from the Agra market, said Vibhu Talwar, also an Managing Director of the firm.
He said that Moolchand plans to bring the best of healthcare services available in Delhi to Agra and Western Uttar Pradesh.
"Many of our leading clinicians will now also be available at Moolchand Agra. In phase one, over the next 18 months, we expect to expand the hospital to provide a comprehensive cancer institute," Talwar said.
In second phase, the healthcare provider intends to expand capacity at the hospital to 300 beds.
"Our total capital commitment towards this project is Rs 75 crore," Talwar added.
He said the company is aggressively seeking additional acquisition opportunities as it intends to assemble a portfolio of 5-10 hospitals over the next few years.