Singapore’s Parkway eyes 50% stake in Khubchandani (Mumbai)

Singapore’s Parkway Group, which owns one of Asia’s largest hospital chains, plans to pick up 50% stake in Mumbai-based Khubchandani Hospitals for INR 155 crore. Mauritius-based investment holding firm Koncentric Investments will hold the remaining 50% stake in the firm which plans to set up chain of hospitals and healthcare facilities in India. Currently, Khubchandani Hospital has 10,000 equity shares paid up capital. These are held by Dr Prakash Khubchandani who is the MD of the hospital and Mrs Tarana Khubchandani. Khubchandani Hospital was incorporated in May 2006 to set up, acquire and maintain hospitals and associated businesses such as health parks and medical colleges. Parkway will invest through additional issues of 40 lakh shares at a premium of INR 377.5 per share as against its face value of INR 10 for the shares. As per the plan, Khubchandani Hospitals intends to set up a USD 80 million multispecialty hospital in Mumbai soon. The hospital is close to acquiring 10,000 sq feet of land in the city. The construction of the hospital is expected to start by the end of the year and could be completed in three years, sources said. When contacted, Khubchandani Hospital officials declined to comment. At present Parkway has a joint venture (JV) with Apollo Group, India’s largest hospital chain, to set up hospitals in West Bengal. Currently the JV has a hospital in Kolkata. Parkway Group also has another company Apollo Gleneagles with Apollo Group to set up PET CT Scan centre in Hyderabad. The Singapore-based firm is learnt to have received a no-objection nod from the Apollo Group and has sought approval from the government to go ahead with the new venture. Parkway Group runs a chain of hospitals, clinics, laboratories and other healthcare facilities in Singapore, Brunei, Vietnam, Malaysia and Indonesia. Parkway Group has been looking at expanding its presence in the healthcare sector of the country. Koncentric Investments is a holding entity owned by two Indians, atleast one of whom is related to the existing promoters of Khubchandani Hospitals.


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