Singapore’s Parkway Health, one of Asia’s largest hospital chain, plans to set up several multi-speciality hospitals in the country, beginning with 5-6 in metro cities. The hospital firm controlled by private equity company Texas Pacific Group (TPG) is also scouting for land in smaller cities. An executive with a healthcare consultancy firm requesting anonymity said, “As part of the pan India plan, Parkway Health plans to initially set up 300-400 bed multi speciality hospitals investing 50-60 lakh per bed.” Another executive in a leading domestic hospital chain said that Parkway Health was aggressively scouting for land in several tier I and tier II cities to tap India’s USD 35 billion healthcare market. “Parkway Health is among the most aggressive global healthcare companies looking for expansions in India. It appears that it wants to pursue its expansion independently in over 10 cities, ” the source said. Besides its own plan, Parkway Group has picked up 50% stake in an upcoming Mumbai-based Khubchandani Hospital that plans to set up a 1,000 bed hospital in the city with an initial investment of around Rs 350-400 crore. Mauritius-based Koncentric Investments holds the remaining 50% stake in Khubchandani Hospital, expected to be operational by 2011. Parkway Health also has a joint venture with Apollo Hospitals, the country’s largest hospital company, for hospitals in West Bengal. This JV currently runs Apollo Gleneagles Hospital, a 325-bed multi-speciality hospital in Kolkota to service East India and neighbouring Bangladesh, Myanmar, Nepal and Bhutan. A Parkway Health executive said the existing JV does not restrict the company from pursuing independently plans because such agreements are limited to a particular project and state. It is learnt that the company is also exploring acquisition in the country. It has shorlisted a few Indian companies and is in talks with Bangalore-based Manipal Group to pick up around 30% stake. But, the deal fell through because of differences in the valuation of the Indian hospital company.