Aster DM Healthcare to invest Rs 552 Cr for new hospital at

Aster DM Healthcare Wednesday said it will invest Rs 552 crore for its new 500-bed multi-speciality hospital coming up in Chennai.

The construction of the hospital at Velachery in Chennai will begin soon and it will be made operational in two-and-a-half years, Aster DM Healthcare Chairman Azad Moopen said here.

After the company's director board meeting here, the Gulf-based healthcare tycoon said it has signed an agreement with a realty developer for setting up the hospital.

Moopen said the business atmosphere in India has improved under the BJP-led government at the centre.

"This government is investment friendly. We expect that the Modi 2.0 government will have much more impact than his previous tenure," he said.

Moopen said Alisha Moopen, Non-Executive Director and CEO of Aster Hospitals and Medcare Hospitals & Clinics-GCC, has been promoted to the role of Aster DM Healthcare's Deputy Managing Director.

Her appointment was approved by the Board of Directors during their meeting Wednesday.

"The appointment is a part of our long-term strategy to create a sustainable business that is well-equipped to meet the needs of the market and the people," he said.

Aster DM Healthcare is a leading private healthcare service provider in multiple Gulf Cooperation Council (GCC) states. It is also an emerging healthcare player in India.

Meanwhile, the Group Wednesday announced its financial results for the quarter ended June 30, 2019.

The company said it has recorded a net profit of Rs 24.7 crore for the quarter ending June 30, 2019.

Revenue from operations for Q1FY20 recorded an increase of 14.3 per cent reaching Rs 2,028.6 crore on sustained organic growth from its existing operations that includes 25 hospitals, 115 clinics and over 231 pharmacies in nine countries, including India, a company release said.