New Project

Care Group Partners with John Hopkins to Set-up Health City

Around Rs 750 crore to be invested in the project

US-based healthcare major John Hopkins in partnership with Hyderabad based Care Hospitals Group along with real estate developer Indu Projects, will be setting up a 2,000-bedded health city in Nagpur, Maharashtra. The conglomerates will invest around Rs 750 crore in the project through a mix of debt and equity. Government of Maharashtra is developing a multi-modal International Cargo and Passenger Hub Airport at Nagpur— an aviation hub. This project also contains a Special Economic Zone (SEZ) where the health city will be based along with other housing and industrial projects. The Maharashtra Airport Development Authority, which is developing the SEZ, will lease the 74 acre land to the consortium for 66 years. After getting the required regulatory approval, construction will commence by early next year. The state-of-the-art health city would be equipped with 10 super-specialty hospitals and has its eyes set on overseas patients. In its first phase, it will have 750 beds and will be operational in the next three years. Whilst Care Hospitals will be handling the operations, John Hopkins is the knowledge partner and will hold equity in the association. Indu Projects will be funding the majority of the investment and is expected to hold a major stake, albeit the details of the holding structure are being worked out. Reportedly, healthcare majors like Manipal Health, Artemis Hospital, Singapore-based Parkway Hospitals and Reliance ADAG were in the pipeline for the mega-project. Fortis Healthcare was in the league as well to make the final bid. However, the hospital major backed out over differences about the operational structure of the project. Talks are still on with a Thailand-based group to set up a health and wellness village in the health city.

EH News Bureau