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Indu Projects, Care, Hopkins to jointly set up health city

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A consortium of real estate developer Indu Projects, US-based healthcare major John Hopkins and Hyderabad-based CARE Hospital is setting up a 2,000-bed health city in Nagpur. The consortium will invest around INR 750 crore in the project through a combination of debt and equity. Sources familiar with the development said that the consortium pipped healthcare majors such as Manipal Health, Apollo Tyres promoted Artemis Hospital, Singapore-based Parkway Hospitals and Reliance ADAG for the project. Fortis Healthcare was also in the fray and was also qualified to make the final bid. However, the hospital major backed out over differences about the operational structure of the project. The Maharashtra government is developing a Multi-Modal International Cargo and Passenger Hub Airport at Nagpur (MIHAN), an aviation hub. The project includes a special economic zone (SEZ) in which the health city will be based and other residential and industrial projects. The Maharashtra Airport Development Authority, which is developing the SEZ, will lease the 74 acre land to the consortium for 66 years. Ramana Reddy, who is heading the health city project for the consortium, told ET that it expects to get the regulatory nod in the next few months and the civil work will start by the end of the year or early next year. The health city envisions to build 10 superspecialty hospitals and will primarily target overseas patients. In the first phase, the health city will have 750 beds and it will be operational in the next 36 months. Hyderabad-based Indu projects will be responsible for the development and management of the project, while CARE Hospitals will operate the hospital. John Hopkins will be the knowledge partner but will also hold equity in the consortium. Indu Projects will fund majority of the investment and is expected to hold majority stake in the consortium, although details of the holding structure are being worked out. Like other health cities being developed by Indian healthcare majors, the health city plans to have medical, para medical and other medical education centres. The consortium is also in talks with a Thailand-based group to set up a health and wellness village in the health city. To complement their human resources of a fast expending healthcare sectors, healthcare companies are setting up health cities. Fortis Healthcare is setting two medicities in Gurgaon and Lucknow and plans to set up 10 such projects in the next 10 years. Renowned cardiologist Dr Naresh Trehan is also setting up a medicity in Gurgaon.

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