Real estate giant DLF has entered into an agreement
for floating a joint venture with Ranbaxy group company
Fortis Healthcare to set up hospitals across the country
with investments of about Rs6,200 crore.
will have a majority holding with 74 per cent stake
wile DLF will hold the remaining stake in the proposed
joint venture, reports quoting Fortis Healthcare managing
director Shivinder Singh said.
joint venture will set up a chain of 200-450 bed hospitals
in 31 cities in India within three to five years, the
Fortis, the move is a part of its strategy to become
a pan-India player in the healthcare segment and resolve
real estate problems for setting up new hospitals while
the joint venture will mark DLF''s foray into the healthcare
planned investment of Rs6,200 crore would go toward
meeting cost of land, construction and medical equipments,
the sources said.
JV plans to build hospitals in cities where DLF has
a presence. Already DLF has a land reserve of 10,255
acres in 31 cities.
Fortis currently has a network of over ten hospitals
mainly in North India, including the Escorts Heart Institute
and Research Centre (EIHRC). It also has a heart command
centre in Afghanistan.
company also recently raised over Rs 700 crore from
and pre-IPO placements, which it had said would be partly
utilised for its expansion and retiring debt for the
acquisition of EHIRC.