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Hinduja Group is planning to start a chain of hospitals in India with an investment of $1 billion (nearly Rs 4,400 crore) in tie-up with Dubai government-owned Limitless LLC.
The investment would most probably come through the group's listed entity in India, Hinduja TMT, Hinduja Group chairman (India) Ashok P Hinduja told reporters in New Delhi.
"As Hinduja TMT is a listed company, we have to seek the approval of the board. The group will hold 51 per cent stake in the joint venture with Limitless (the remaining 49 per cent)," he added.
Limitless is a subsidiary of Dubai World, which is owned by the Dubai government.
Hinduja said the investment of $1 billion would be for the initial phase of two-three years of the project that seeks to set up medi-cities in Delhi, Mumbai, Bangalore and Hyderabad with about 2,000 beds. The company could also look at applying for an SEZ status for these medi-cities.
"The project would not only provide hospital facilities, but also offer nursing schools and other services like clinical trials," he said.
The joint venture will also create centre of excellence in medicare and would move to smaller cities and towns in the second phase.
Global consultancy firm AT Kearney had worked out a long term business plan for the venture. Hindujas are already running a hugely successful hospital -- P D Hinduja National Hospital and Medical Research Centre -- in Mumbai.
On the branding on the chain, Hinduja said it has not been finalised yet, but was most likely to be under the group's name.