Wockhardt Hospitals to invest Rs700 cr to double capacity

Wockhardt Hospitals to invest Rs700 cr to double capacity

New Delhi: Wockhardt Hospitals on Wednesday said it will invest up to Rs700 crore to double its bed capacity to 2,000 by 2013.

The Mumbai-based healthcare chain, which sold ten of its hospitals for Rs909 crore to Fortis last August, currently runs eight hospitals with a total of 1,000 beds.

“In the next 3-year, we will have three new hospitals and the investment per bed will be in the region of Rs60 to Rs70 lakh," Wockhardt Hospitals Ltd managing director Anil V. Kamath told reporters here on the sidelines of Technopak Health Forum.

He said the three new hospitals would be bigger in size and they would add a total of about 1,000 beds, with an investment of up to Rs700 crore.

“One hospital will be completed in Mumbai by the end of next year and the other two, one in Mumbai and another in Delhi, will be completed by 2013," Kamath added.

When asked about the funding of the expansion, he said: “We have the fund to do it internally."

There may be a minor borrowing of funds, but the company has not finalised on it yet, he added.

The firm underwent a corporate debt restructuring programme last year is through with the process, he said, adding the company is debt free now.

On the company’s public offer plan, which it aborted in 2008 after poor market response, Kamath said Wockhardt Hospitals will reconsider the matter.

“It is something which we will have to look (at) seriously if we want to expand. It is already there in our mind and at an appropriate time we would certainly look at it," he said.