Spice Global To Enter Realty After Footing In Hospital Biz

by Paul Joseph on January 28, 2013 · 0 comments

Spice Global has started constructing Saket City Hospital, a multi-specialty hospital in Saket. This is their first in hospital sector. However, Spice Global has acquired land parcels in Mumbai and Punjab for developing hospitals. Saket City Hospital is the first venture of Spice Global in the hospitality sector. Mr. Bhupendra Kumar Modi , the Chairman and Managing Director of Spice Global, said that they have plans to enter into the real estate industry as well. Spice Global is the first fully- owned Indian mobile company which has a niche in the mobile industry of India. At present they are fully concentrating on hospital industry and the group officials have clearly stated that the year 2013 will be fully dedicated for the growth of hospitals across India. Spice Global plans to establish hospitals across India once their brand is established with Saket City Hospital. Spice Global has already acquired land parcels in Mumbai and Punjab where they plan to construct hospitals. The 1000 bedded Saket City Hospital is expected to be fully developed by 2014. The first phase of the hospital will be completed by June 2013. In the first phase nearly 230 beds will be made available. The estimated cost for the completion of this first phase is Rs.400 Cr and it will be met from the internal turnovers of the company itself. They also develop a residential project in close proximity to the Saket City Hospital. The officials of Spice Global said that the residential project is meant for the “assistant living.” Mr. Modi, speaking about their first hospital venture, said that the group plans to develop hospitals across India. He added that the group will develop many hospitals across India once their brand is established. Spice Global has invested, as a first installment, around Rs.250 Cr in the project already. The remaining amount will be met from the internal turnovers of the company. Though the company has plans to begin Singapore model mobile hospitals, it may not be practical due to the weak connectivity facility of India. The group successfully runs similar mobile hospitals in Singapore.

[via India Real Estate Monitor]

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