Wockhardt plans 14 new hospitals; to invest up to Rs 600 cr

Mumbai-based healthcare firm Wockhardt Hospitals plans to set up 14 super-speciality hospitals across the country over the next two years, which could entail an investment of up to Rs 600 crore (Rs 6 billion).

"We will almost double our hospitals by 2009 and would add more than 1,000 beds to the current 1,100 beds," a senior company official said here on the sidelines of CII Health Summit.

Asked about the investments, he said the company invests about Rs 55 lakhs (Rs 5.5 million) to Rs 60 lakhs (Rs 6 million) on each bed. It is planning to fund the expansion through the proceeds of its proposed initial public offering, the official added.

The company is focusing on tier II and tier III cities such as Goa, Bhopal, Nagpur among others for expansion besides metros like Delhi, he said.

Wockhardt Hospitals Ltd has already filed its Draft Red Herring Prospectus with Sebi for its IPO. The company is issuing 30,000,000 equity shares of Rs 10 each through a book building process, which will constitute 28.77 per cent of the post issue paid-up capital of the company.