Rockland looks to raise Rs 200 cr through stake sale in FY14
New Delhi: Promoters of Rockland Hospitals plan to dilute equity in the company to raise nearly Rs 200 crore in the next fiscal for part funding future expansion.
"We plan to dilute minority stake in the company to raise Rs 200 crore by FY14 and that will be used to part-fund our future expansion plans," Rockland Group CMD Rajesh Srivastava said.
The company is in talks with various private equity funds and venture capitalists for the stake dilution, he added.
"We are looking for strategic investors who understand the healthcare sector, who have healthcare sector clarity," Srivastava said.
In the next phase of expansion, the company plans to invest up to Rs 475 crore for adding 500 beds by opening a multi-speciality hospital in Greater Noida in next two years.
"We will be opening a new hospital at Greater Noida. The total investment will be around Rs 475 crore. The land has already been acquired, the project is scheduled to be completed by 2015," he added.
The hospital will be a multi-speciality hospital with super-specialisation in oncology, cardiology, neurology, orthopaedics, gynaecology among others, Srivastava said.
In the next phase of expansion, the company is also aiming to implement its ambitious five-layered alternative healthcare delivery model.
In this model, the hospital group will tie-up with small hospitals, clinics, general practitioners and healthcare workers to reach patients in towns and villages.
He said the expansion will be funded through a mix of internal accruals, debt and equity.
Besides the capacity expansion, the hospital chain is also planning to tap medical tourism sector. The Rockland group that also has business interest in hospitality has roped in its hospitality arm to give a combination package to international patients and their attendants.
Another major initiative is to focus on the special needs of those who need 'assisted living facilities' due to disabilities of various kinds or due to old age.
"Exclusive independent assisted living facilities housed in Wellness Centres have been planned at Manesar and Greater Noida," Srivastava said.