Fortis Healthcare is setting up a Rs 1,000-crore (Rs 10 billion) comprehensive healthcare complex - Fortis International Institute of Medical & BioSciences - in Gurgaon, near Delhi.
To be modelled on the lines of cardiac surgeon Naresh Trehan's proposed 'Medicity', work on this project will start in a year.
"We are planning it as a very substantive medical centre that will form the brain centre of Fortis Healthcare. We have already acquired land in Gurgaon for this purpose," said Harpal Singh, chairman, Fortis Healthcare.
On the Medicity venture planned by Trehan, Singh said Fortis is in talks with the surgeon for a partnership. "We are willing to partner and collaborate with Medicity... but even if it were to be otherwise, Fortis is going to have such an institute," he said.
Fortis Institute will have two hospitals with four-five 'centres of excellence'. While there will be a strong oncology focus for sure, the other areas of excellence are being worked out.
"It is flexible because a lot depends on what are the other institutions in the Fortis family. In Escorts, we have a heart superspeciality institute... so that will go into factoring whether we want another centre of excellence in the Fortis institute. If we acquire a neurosciences facility in NCR, it may not make sense to have another centre of excellence in the same place," Singh said.
Fortis, which made the biggest acquisition of Indian healthcare when it took over Escorts Heart Institute & Research Centre for Rs 650 crore (Rs 6.5 billion), still has appetite for more inorganic growth options.
"Fortis will have a national footprint, and we continue to look actively at acquisitions. We are looking at several big cities such as Mumbai, Chennai, Bangalore and even NCR," he said.
The healthcare major has already roped in McKinsey to prepare a blueprint for its business strategy for the future. Based on that the company will assess its fund requirements, method of raising the funds and its timing, Singh added.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group
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