Manipal Health Enterprises Limited has entered into a long-term lease agreement for approximately 3.5 acres of land in Gurugram, Delhi NCR. The land was leased from Thakral Corporation Ltd’s Indian subsidiary, TIL Investments Pvt Ltd. This strategic move is aimed at developing and operating a new multi-speciality hospital, with the first phase expected to accommodate up to 500 beds, strengthening Manipal’s presence in a significant growth market.
Manipal Hospitals to Develop New Facility in Gurugram
Manipal Health Enterprises Limited, one of India’s leading hospital chains, has signed a long-term contract to lease a parcel of land in Gurugram, Delhi National Capital Region (NCR). The agreement, with Thakral Corporation Ltd’s Indian subsidiary TIL Investments Pvt Ltd, secures approximately 3.5 acres of land for the development and operation of a new multi-speciality hospital. The lease agreement is structured for an initial period of approximately 30 years.
Strategic Expansion in Delhi NCR
The proposed multi-speciality hospital will be developed in phases, with the initial phase planned to feature up to 500 beds. This expansion is a strategic step for Manipal Hospitals, as Delhi NCR is identified as an important growth market. The new facility is expected to enhance the company’s footprint in the region and cater to its growing healthcare demands. The land site is strategically located, with good connectivity to the Indira Gandhi International Airport and other key infrastructure.
Thakral Corporation’s Diversification
For Thakral Corporation Ltd, this arrangement marks its foray into healthcare-focused real estate. The Group sees this as an opportunity to participate in the growth of India’s healthcare sector. Thakral Corporation, listed on the SGX Mainboard since December 1995, has a diverse investment portfolio across Australia, Japan, Singapore, India, and London. In India, the Group is also developing a mixed-use healthcare-led real estate project in Gurugram.
Growth Outlook
Mr. Dilip Jose, Chief Executive Officer (CEO) of Manipal Hospitals, expressed enthusiasm about the expansion, stating that the Gurugram hospital will enable the company to strengthen its presence and serve the region’s increasing healthcare needs. Manipal Hospitals currently operates a network of 50 hospitals across 14 States & Union Territories, with over 13,400 licensed beds.
Source: BSE
