New Delhi: NRI businessmen promoted Hinduja Group is planning to start a chain of hospitals in India with an investment of $1 billion (Rs4,400 crore) in tie-up with Dubai government-owned Limitless LLC.
The investment would most probably come through the group’s listed entity in India, Hinduja TMT, Hinduja Group chairman (India), Ashok P. Hinduja, told reporters here.
“As Hinduja TMT is a listed company, we have to seek the approval of the board... The group will hold 51% stake in the joint venture while Limitless will hold the remaining 49%,” he added.
Limitless is a subsidiary of Dubai World, which is owned by the Dubai government.
Hinduja said the investment would be used to set up medi-cities in Delhi, Mumbai, Bangalore and Hyderabad with about 2,000 beds each. The company may also seek SEZ status for these medi-cities.
Global consultancy firm AT Kearney had worked out a long term business plan for the venture. Hindujas are already running a hugely successful hospital — P D Hinduja National Hospital and Medical Research Centre — in Mumbai.