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Panacea Biotec to set up 175-bed hospital in Gurgaon

Panacea Biotec to set up 175-bed hospital in Gurgaon
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First Published: Thu, Jun 02 2011. 01 43 PM IST
Updated: Thu, Jun 02 2011. 01 43 PM IST
Mumbai: Vaccine-maker Panacea Biotec Ltd is foraying into the healthcare infrastructure sector by setting up a multi-speciality hospital at Gurgaon, expected to be operational by September 2012, a top official said on Thursday.
“This is being set up under the name ‘New Rise’, and this is (through) an independent private limited company, where in Panacea Biotech holds 76% equity and 24% is held by another firm,” joint managing director Rajesh Jain told Reuters over the telephone. Umkal Hospitals, a private firm, will hold the balance stake.
Total investment would be close to Rs145 crore for the proposed 175-bed hospital, he added.
Apart from equity contribution from Panacea and Umkal, the companies have lined up debt from a number of banks. Jain, however, did not specify the names of the banks.
Earlier in 2008, Panacea had planned a hospital project, which got delayed for want of regulatory and other approvals.
“The whole design, specialities, the state approvals, pollution and environment (clearance), civil construction approvals took a lot of time,” he added.
On reasons for the healthcare foray, he said, “Healthcare is a major investment area for individuals, families and government.”
Valued about $2 billion, the largely unorganized Indian healthcare sector is growing between 12-15% every year.
The organized portion of the sector is dominated by three major listed firms, Apollo Hospitals Enterprise, Fortis Healthcare and a unit of Max India.
Jain, who is to begin recruitments six months prior to the launch for the hospital, said he sees 12-14% return on investments over a 10-year period.
The New Delhi-based pharmaceutical company also expects an approval for its organ transplantation drug Tanpac this month from Germany.
“The approval is for sales and marketing in Germany and other European countries,” he said.
At 12:50 pm, shares of the company were up 1.56% at Rs179.25 in a weak Mumbai stock market.
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First Published: Thu, Jun 02 2011. 01 43 PM IST