Narayana Hrudayalaya Ltd. on Thursday said it would be investing Rs 900 crore for a new hospital in Kolkata, whose foundation stone was laid by West Bengal Chief Minister Mamata Banerjee on Thursday.
The amount to be invested by the company will be utilised for the "first phase" of the project. The mode of financing will be a "mix of debt and internal accruals", an exchange filing stated.
Under the first phase, the hospital will commence operation with a 350-bed capacity by financial year 2028-29, according to the filing.
The company aims to turn the hospital into "1,100 beds super-specialty hospital" through capacity additions in multiple phases over the next three to 10 years.
The hospital, to be equipped with the latest technology, is being designed by the company to provide "world-class healthcare services" to the people of Eastern India, as per the filing.
The rationale behind the new hospital is to tap into the "potential for further growth", as existing hospitals of Narayana Health Group in Kolkata region are already "receiving high patient footfalls", the company added.
Shares of Narayana Hrudayalaya closed 2.2% higher at Rs 1,404.55 apiece on the NSE, compared to 0.09% decline in the benchmark Nifty 50. The stock has risen by 3.33% in the last 12 months.
Ten out of the 13 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 5.5%.
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