New Delhi, May 13: Delhi-based Moolchand Healthcare today said it plans to invest Rs 500 crore in the next five years for expanding existing operations as well as to acquire new hospitals.
"Moolchand Group, plans to invest Rs 500 crore for further growth in healthcare services in the next 3-5 years based upon merger and acquisition opportunities," the healthcare firm said in a statement.
The investment will be deployed towards expansion of Moolchand Hospital in Delhi, new green field hospitals, acquisition of existing hospitals, it added.
According to the company, funds would be raised through a mix of debt, equity and internal accruals.
The healthcare firm also plans to utilise the funds for development of new healthcare service verticals, including fertility, diagnostics and renal care, it said.
Commenting on the development Moolchand Healthcare CEO Shravan Talwar said: "India's demographics and changing disease profiles coupled with supply side bed capacity deficits and nascent healthcare service markets offer significant opportunities for innovative, high quality institutions".
"Sequoia investment represents the first tranche of equity fund raising," the company said.
As part of the Rs 500 crore fund raising, Moolchand Healthcare had recently raised Rs 100 crore from venture capital fund Sequoia Capital for expansion process.
As part of expanding existing facilities the healthcare firm's Capital-based 'Moolchand Medcity' plans to expand its bed strength to 1,000 plus beds, it said.
In the first phase of expansion 400 additional beds will be commissioned by 2014, it added.
Moolchand Medcity currently has a strength of 300 beds.
