« Ista Hyderabad Ties Up With Emaar Properties | Home | My Home bags plot in Raidurg »
Global Hospitals Enters Into A Joint-Venture With Future Group
Posted by Pradeep Sadanapalli | January 20, 2008 | 741 views
(No Ratings Yet)
Loading ...
Kishore Biyani’s Future Group will shortly enter into a JV with Hyderabad-based Global Hospitals to set up a chain of clinics across the country.
Both partners will develop the prototype for the proposed clinics which will come up in malls and Big Bazaar outlets. The JV will be inked in a month and mark the Future Group’s entry into healthcare retail.
Future Group CEO Kishore Biyani told ET, “We are building a prototype for quick-service healthcare clinics with Global Hospitals which will treat common ailments. These clinics will come up in shopping malls and Big Bazaar outlets. The healthcare retail venture will be kicked-off shortly.”
Interestingly, Future Group’s private equity fund, Indivision India Partners, had acquired around 26% in Global Hospitals last year. “As a result of this, we are partners with the Future Group. We have now decided to float a JV company that will foray into healthcare retail,” Global Hospitals CMD K Ravindranath said.
The clinics will offer speciality medical consultation, perform small day care procedures, diagnostic facilities, skin therapy and have a pharmacy as well. They will be set up over 1,000 to 1,500 sq ft. The latest developments come at a time when Future Group’s proposed JV with the Manipal group for entry into healthcare retail did not fructify.
In fact, Manipal went solo with its venture and rolled out ‘Cure and Care’ stores. Details regarding the proposed JV are unknown. But a top source close to Global Hospitals said “the Future Group would hold around 51% in the JV”.
A brand name for the venture is also due shortly. But the partners have decided to launch the initial outlets in Hyderabad and then consolidate it across the country. Total investment and the number of clinics is currently being frozen.
SOURCES:
Economic Times
Topics: Malls, Services, Health, Business News |
Comments
You must be logged in to post a comment.