Medanta signs O&M agreement for 750 bed hospital in Pitampura, New Delhi

Global Health announced that the Company has signed an Operations and Management Agreement with Dr. Narayan Dutt Shirmali Foundation International Charitable Trust Society (Society) to operate and manage a ~750 bed super specialty hospital in Pitampura, New Delhi. The hospital is expected to commence operations in ~4 years, subject to necessary statutory and customary approvals.

As per the agreement, the hospital building and associated civil infrastructure will be developed by the Society and Medanta will make the necessary investments in internal fitouts, MEP, furniture and medical equipment. Medanta is expected to incur a project capex of ~Rs. 600 crores in next 3-4 years, to be funded by a combination of internal accruals and debt financing. Medanta will have full control over the day to day running of the hospital. The agreement is for an initial term of 30 years, further extendable on mutually agreeable terms.

The hospital will be located on a 7-acre site in Pitampura, New Delhi, with a total builtup area of 7.6 Lakh sq.ft excluding the basement. The site offers good connectivity to the Outer Ring road and is in close proximity to high-density residential areas, which will enable Medanta to serve the region's growing healthcare needs. The state-of-the-art ~750 bedded super-specialty hospital will cater to over 30 super specialties including cardiac, neurosciences, cancer, orthopaedics, digestive, hepatobiliary sciences, multispecialty robotic surgeries, regenerative medicine, as well as full range of transplants.

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