Paras Healthcare announces expansion plans; UP, Jharkhand to get hospitals

New Delhi : Leading hospital chain Paras Healthcare is set to come up with new hospitals in Jharkhand and Uttar Pradesh as part of its plans to expand presence and double its bed capacity in North India over the next three to four years.

The new multi specialty hospitals are being especially planned in towns and cities which are currently off the map of quality tertiary care. In fact, the Group plans to double its bed capacity to about 1400 in the next three to four years from the existing 730 beds to meet the un-served states like Uttar Pradesh and Jharkhand among others.

The company currently has 730 beds spread over five hospitals in Delhi, Panchkula, Gurugram, Patna, Darbhanga.

"In the next three or four years, we are looking at doubling our bed capacity to about 1400.

The new hospitals will come up in areas where there is unmet demand and where patients and their relatives are forced to travel long distances to avail quality medical services," said managing director and CEO Paras Healthcare, Dr Dharminder Nagar.

He added that the company's goal from the very beginning has been to provide quality services at affordable prices to the patients and we are committed to that goal even now.

"We will open multi-specialty tertiary care hospitals in the expansions that we have lined up. One such hospital will be made operational in Panchkula in July this year," added Nagar.

The healthcare provider has already announced its plans to set up a 300-bed tertiary care hospital in Ranchi.

There will be another one coming up in Uttar Pradesh, said Dr Nagar. The Ranchi hospital is being set up in tie up with Public Sector Undertaking Heavy Engineering Corporation (HEC).

The hospital is being set up under public-private partnership by Paras and HEC where in the land for the hospital is being provided by the engineering major while Paras will bring its healthcare expertise and manage day to day operations.

The company will utilize the proceeds of the funding that it raised last year for setting up the upcoming hospitals.

It had raised 42 million US Dollars (around Rs 275 crore) in July 2017 from PE firm Creador for its growth and expansion plans.

Adding to this he said that Paras Healthcare will expand in North India in the near future.

"We are not looking at any part of the country at the moment.

We see humongous unmet needs for quality healthcare in this part of the country. In our expansions, we are looking at asset light model.

However, we may look at other models on case to case basis," he added.