AGIL to invest Rs 300 cr for 3 hospitals in north India

Aerens Gold Souk International Ltd (AGIL), a part of diversified business group Gold Souk, today said it will invest up to Rs 300 crore in the next three years to set up three hospitals in northern India.

"We plan to invest nearly Rs 300 crore to establish 2-3 hospitals in northern India by 2014," AGIL Chairman Surender Gupta told PTI.

Aerens Gold Souk Group (AGS), which already operates two clinics for fertility and cosmetics surgery in Delhi under the 'Adiba' brand, said it was open to both acquisition or setting up of its own hospitals.

AGS is a diversified conglomerate having interests in real estate, retail, entertainment and hospitality sector.

"We are planning to enter the healthcare business in big way. It is either going to be through acquisition or we will open on our own," he added.

He said that the company was already in talks with certain established healthcare companies in northern India for acquiring a stake.

On the financing plan for its expansion, he said it would be through internal accruals and bank loans.

The company has also plans to establish a medical college in the National Capital Region (NCR).

"We already have the land bank for this (medical college). It is still in the planning stage and easily take 2-3 years to finalise all the details," Gupta said.

On April 4, AGIL entered into a franchise agreement with US-based hospitality giant Wyndham Hotel Group to operate four hotels.

As per the agreement, AGIL will operate four-star deluxe category properties in Chennai, Kochi, Hisar and Ludhiana under the Ramada brand.

These are currently under development with a planned combined investment of Rs 500 crore.