Medicover Hospitals, part of the European multinational healthcare & diagnostic company Medicover, has drawn out Rs 400 crore expansion in India.
The company will see an addition of bed strength by 1,000 and establishment of two new hospitals by the end of June 2020
The company will be establishing two cancer hospitals in Madhapur, Hyderabad and Nellore in Andhra Pradesh which are expected to be functional by June 2020.
The plan also involves incremental changes in other hospitals. The total bed strength of the Group will touch 3,000. At present the Group operates 11 super-speciality hospitals in Telangana and Andhra Pradesh.
The near-term growth focus will be in the states of Maharashtra and Chhattisgarh. The target is to emerge as a 5,000-bed, Rs 1,000 crore turnover company by March 2021.
Medicover currently has a capacity of 2,000 beds and 5,000 employees. It wants to scale up its employee strength to 8,000.
The Sweden-headquartered Medicover Group invested about Rs 320 crore for 51 percent equity into Sahrudaya Healthcare, the holding company of Maxcure in 2017.
Maxcure rapidly scaled up from 200 beds in 2015 to 2,000 beds by 2019. Recently, the company changed its name to Medicover Hospitals.
Medicover Hospitals has diagnostic facilities in Bengaluru and Mysuru. It is also expanding its presence in fertility services.