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Narayana Hrudayalaya JV to invest $60 mn in Caymans

Praveen Bose  |  Chennai/ Bangalore 

Narayana Hrudayalaya (NH), the Bangalore-based healthcare provider along with its joint venture partner US-based Ascension Health, is planning to invest $60 million for a healthcare project in the Cayman Islands. The partners are setting up a 110-bed hospital spread over 10 acres. Ascension Health is one of US’s largest non-profit heath system.

“Both partners bring in their share of knowledge and Narayana Hrudayalaya will manage the facility. Both partners will have equal representation on the board,” said Dr Ashutosh Raghuvanshi, Group CEO, Narayana Hrudayalaya. The hospital is looking to primarily cater to the Caribbean market, “as the region does not have a good cardiac facility and there is need for a heart hospital,” added Raghuvanshi.

The hospital will also cater to the underserved US patients who would like to come, said he while adding joint replacements would also be the hospital’s initial target. Of the $60 million that will be invested in the project, half will come as debt and the rest will be come as equity, with it being split equally by the JV partners. In the second phase, plans are being firmed up to add 500 more beds and the unit will have assisted living for visitors. Ascension Health Alliance will provide facilities planning, supply chain management and biomedical engineering services to the project, while Narayana Hrudayalaya will provide technical input and direction to the Cayman team. The multi-specialty hospital will provide services not widely available in the region such as open-heartôbypass surgery, angioplasty, heart-valve replacement, cancer treatment, bone-marrow transplant, nuclear medicine, organ transplant and orthopedics. Once complete, the hospital will house as many as 2,000 beds.

The bone marrow transplant unit at Mazumdar-Shaw Cancer Center (MSCC) situated in Narayana Health City campus in Bangalore was inaugurated on Monday by Dr Anthony R Tersigni, President and CEO – Ascension Health Alliance, USA.

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First Published: Tue, August 07 2012. 00:01 IST