Max Healthcare plans Rs 1,600 cr investment to add 1,000 beds in Gurugram

Max Healthcare Institute on Monday said it plans to invest around Rs 1,600 crore to expand its capacity in the national capital region by adding around 1,000 beds in Gurugram, Haryana.

The company, "is further fortifying its presence and expanding its bed capacity in NCR by addition of two hospitals of around 500 beds each in Gurugram," Max Healthcare Institute said in a regulatory filing.

The Max Healthcare board approved the expansion plan in a meeting held earlier in the day, it added.

"The overall investment is expected to be approximately Rs 1,600 crore. The expansion plan is proposed to be funded by internal accruals, borrowings and / or such other modes as may be permitted under the applicable laws," Max Healthcare Institute said.

For the two hospitals, two land parcels measuring around 6.11 acres and around 5.26 acres are being allotted by HSVP (Haryana Shahri Vikas Pradhikaran) post successful bid by the company in a recent HUDA auction, it added.

"The two newly acquired land parcels will be constructed in a phased manner, adding around 1,000 beds over the next 4-6 years and will further strengthen our presence in NCR," Max Healthcare Chairman and MD Abhay Soi said.

Max Healthcare currently runs a multi-specialty hospital in Gurugram, the filing said.

Shares of Max Healthcare Institute closed at Rs 352.95 per scrip on BSE, down 1.63 per cent from their previous close.

Max Healthcare is one of the largest private sector hospital chains on the basis of revenue, with most of its 17 facilities concentrated in north India.

Of the total network, eight hospitals and four medical centres are located in Delhi and the NCR, and the rest are in Mumbai, Mohali, Bathinda and Dehradun.