Fortis to invest Rs 650 cr in 18 months to add 2000 beds

"We intend to invest up to Rs 650 crore in adding another 2,000 beds in the next 12-18 months," Fortis Healthcare CEO Bhavdeep Singh told reporters in a conference call.
Presently, the company has 6,000 operational beds across 49 hospitals in the country.

The hospital major, which is looking to expand in smaller cities, is aiming to open 7-8 hospitals in the next two years.

"We are working on 7-8 projects at the moment. Hospitals at Gurgaon, Kangra and Ludhiana will be opened early next year, followed by Ahmedabad by the end of next year. Gwalior will follow after that," Singh said.

The company is constantly seeking expansions in both domestic as well as overseas markets, he added without specifying details.

"We will continue to grow in India and will also avail the opportunities that come our way internationally," he said.

Commenting on the recent acquisition of Hong Kong-listed Quality Healthcare Asia Ltd for an aggregate consideration of around Rs 882 crore, the company said it will help it strengthen its services in the region.

"... synergy is going to be the key word. Hong Kong asset is a strong primary care network. From primary to secondary care, it will help Fortis," Singh said.

The company today posted a consolidated net profit of Rs 74.78 crore for the second quarter ended September 30, 2010.

Shares of the company were today trading at Rs 166.45 on Bombay Stock Exchange, up 1.46 per cent from its previous close.