Sri Kauvery Medical Care (India) Ltd.. (Kauvery Hospitals) is planning to invest about ₹1,500 crore to double the number of beds in Tamil Nadu and Bengaluru over the next two years to more than 3,000, said S. Chandra Kumar, founder and chairman, Kauvery Group of Hospitals.
“The plan is to take the number of beds from the existing 1,600 to over 3,000 in two years and then go for an IPO,” he said.
According to him, the expansion cost would be met through equity, debt and internal accruals.
Kauvery Hospitals had announced it had raised $70 million from a private equity fund managed by IIFL Asset Management Ltd. for a minority stake.
Established in 1999 as a 30-bedded hospital, the group has a network of eight facilities comprising 1,600 beds spread across Chennai, Tiruchi, Salem, Hosur, Tirunelveli and Bengaluru.
“Almost all the expansion in Tamil Nadu and Bengaluru and Tiruchirappalli would be completed in 24 months taking the total to 3,000 beds,” he said.
He also said that some of the upcoming projects were either greenfield or brownfield.