Spice Global to invest over Rs 1400 cr in hospital project

Diversified company Spice Global today forayed into healthcare vertical and announced plans to invest over Rs 1,400 crore by 2016 to set up its first 1,000 bedded hospital here.

"We plan to invest over Rs 1,400 crore on the entire project by 2016. We have already committed Rs 400 crore for the first phase of the project, which will have 230 beds by June this year," Spice Global Founder and Chairman B K Modi told reporters here.

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The Singapore-based firm, which has presence in various verticals including mobility, finance and entertainment, has already earmarked Rs 400 crore for the first phase of its hospital, which has been christened as 'Saket City Hospital'.

He added that Rs 150 crore has already been invested on the project so far and the rest is under the process of being invested.

When asked about the company's plans to fund the investment, Modi said: "It will be through internal accruals". The hospital, which was inaugurated today, would be expanded to 1,000 beds by middle of 2016, Modi said.
"Healthcare would be our key focus in 2013," Modi said.

Spice Global, a USD 2 billion entity, has presence in various geographies worldwide and employs over 9,000 employees globally.

When asked if the the group plans to come with hospitals in other parts of the country, Modi said: "Yes, that's the idea. We have land at Punjab and Mumbai, but we don't have any concrete plan as of now. Board of directors will consider as we go along".

The company said it has also launched a mobile healthcare division in Singapore to cater to needs of patients.

Modi said the model, once it becomes successful, could be introduced in other markets, including India, in the near future.

According to industry estimates, the healthcare sector in India is pegged at Rs 3.75 lakh crore and is likely to double over the next five years.