Fortis to build 10 medical complexes across India
Riding on a boom in the healthcare sector, the Fortis group that forms part of the Ranbaxy family-owned businesses is looking at setting up 10 medical complexes that include hospitals, medical colleges and other institutions over the next 10 years. But these would not be under the stock market-listed flagship, Fortis Healthcare Ltd.
Shivinder Mohan Singh, managing director of Fortis Healthcare, told reporters that the group through its investment arm Fortis Healthcare Holdings had bought 52 acres of land from Delhi realtor Ansal API to set up a state-of-the-art health facility in a 1,765-acre township being built by the Ansal group at Lucknow. The facility will include an 800-bed hospital and a medical college.
"The agreement is for the purchase of land. It is a one-time transaction. Ansal has a township and Fortis group is setting up a health city there," said Singh. He refused to divulge the price of the transaction, but said the investment planned was between Rs. 500 and 800 crore and the project was expected to be completed in about seven to 10 years.
Besides Lucknow and Gurgaon, the Fortis group is looking at Jaipur, Ahmedabad and two in Punjab for developing the " health cities," Singh said.
However, these cities will not be part of Fortis Healthcare. Singh said these projects will be structured according to guidelines issued by the regulatory Medical Council of India, but would be under the Fortis banner, either as a company as a registered society.