Integrated pharma company Nectar Lifesciences today said it will set up a multi-specialty hospital and a five-star hotel with a total investment of Rs 500 crore in Punjab as part of its plans to diversify into hospitality and healthcare sectors.

"We have submitted our proposal for setting up multi-specialty hospital and a hotel project with the Punjab government," company's Managing Director Sanjiv Goyal told PTI today on being asked about its new projects.

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Nectar Lifesciences will invest a total Rs 500 crore in the projects, company's CEO and Whole-Time Director Dinesh Dua said, adding the company will raise funds through a mixture of internal accruals, private equity placements and debts.

"We have prime land lying at Zirakpur (in Punjab) and rather than setting up a chemical or pharmaceutical unit here, we wanted to use this space for setting up a project which could generate returns at fast pace... That is why chose to go for setting up hospital and hotel," Dua said.

The company has proposed to rope in globally reputed brands in healthcare and hospitality space for this ambitious project. "We will be forging alliance with international brands to become part of this project," Dua said.

City-based company Nectar Lifesciences has already decided to set up a new drug facility with an investment of Rs 600 crore in Punjab, which will mark its diversification into therapeutic space.

Growing at CAG rate of 32 per cent, the company is eyeing total sales of Rs 3,944 crore by year 2014-15. It is aiming total sales of Rs 1,038 crore (comprising business of Rs 750 crore from pharma and Rs 250 crore from menthol) in 2009-10 against sales of Rs 780 crore in 2008-09.

Nectar Lifesciences is a leading manufacturer of cephalosporin range of products both oral and sterile APIs and it has 11 production facilities located in Punjab, Himachal Pradesh and Jammu and Kashmir.

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