Nova Medical to invest Rs 150 cr to open 7 centers by FY'14end
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Nova Medical to invest Rs 150 cr to open 7 centers by FY'14end

Last Updated: Wednesday, April 24, 2013, 18:46
 
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Nova Medical to invest Rs 150 cr to open 7 centers by FY'14end
New Delhi: Nova Medical Centers, a short- stay surgical care and fertility clinics firm today said it will invest around Rs 150 crore to open 7 new centres by the end of the current financial year.

"We will invest around Rs 150 crore to open 7 new centres in the current fiscal. Out of these five will be Nova IVI fertility centers and two will be Nova surgery centers," Nova Medical Centres Chairman and CEO Suresh Soni said.

The company currently has a total of 18 centers across the country, he added.

Soni was speaking on the sidelines of the inauguration of the firm's first 40 bedded orthopaedics and spine surgery hospital spread over an area of 40,000 sq ft in the national capital.

On being asked how the company was planning to raise finances for the expansion Soni said: "The funding for our current expansion plans will come from internal accruals and internal resources."
The company had raised Rs 300 crore last year through equity investment, he added.

The new centres will come up in Chennai and Pune among other places in the country, The model we follow is an asset light model, Soni said.

The company is looking at Tier-II and Tier-III cities to be drivers for future expansion and is also aiming to increase its presence in Middle East and South East Asia.

The short stay surgery firm operates its business by dividing the business in two separate arms --Nova Speciality Surgery and Nova IVI Fertility (NIF).

While Nova Speciality Surgery is fully owned division of Nova Medical Centers, Nova IVI Fertility is a joint venture between Nova Pulse India and IVI Spain in which Nova Medical Center has a maority stake.
Nova Medical Centres offers specialities like ENT, general surgery, orthopaedics, opthalmology, oncology, gynaecology, pediatrics, urology and radiology among others in its centers.

PTI




First Published: Wednesday, April 24, 2013, 18:46


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