Home / Companies / News /  SevenHills hospital to embark on next phase of expansion

Mumbai: SevenHills Healthcare Pvt. Ltd, which operates Asia’s largest private hospital in Mumbai, said it will add 300 beds in the next 12 months after existing shareholder JP Morgan Chase and Co. invested an additional 270 crore in April.

The operator of the SevenHills hospital, where actress Aishwarya Rai gave birth to her baby in 2011, was facing a financial crisis because of mounting debts.

“With the proceeds, we look to pay back a part of the debt we have on our books and the rest will be used to growth of the hospital" said Joe Curian, chief executive officer, SevenHills.

The 1,000 crore hospital project is a partnership between the Brihanmumbai Municipal Corporation and the Hyderabad-based SevenHills Healthcare. As part of the agreement, 20% of the proposed 1,500-bed capacity of the hospital will be reserved for patients who come through the municipal corporation’s healthcare system.

Currently, 306 beds are available to patients, out for which 75 are reserved for the poor under the Rajiv Gandhi scheme. The company looks to achieve the 1,500 bed target in three years, he said.

Curian denied that the Brihanmumbai Municipal Corporation was unhappy with the hospital’s failure to fulfil the conditions of the agreement.

“On the contrary, we are not limiting ourselves to just 20%, we want to help as many people as we can," he said.

The company had also asked lenders, including Axis Bank, to recast its debts that total 800 crore. “All the banks have agreed and the CDR (corporate debt restructuring) process was successful" said Jitendra Haryan, vice president of finance at SevenHills Healthcare.

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