Founder and Managing Director of Kaveri Hospitals Group S. Manivannan and founder-chairman S. chandrakumar
Sri Kaveri Medical Care (India) Ltd.. (Kaveri Hospitals) plans to invest around ₹1,500 crore to double the number of beds in Tamil Nadu and Bengaluru to over 3,000 in the next two years, S Chandra Kumar , said Founder and Chairman, Kaveri Group of Hospitals.
“The plan is to increase the bed strength from the current 1,600 to over 3,000 in two years and then come out with the IPO,” he said.
According to him, the expansion cost will be met through equity, debt and internal accruals.
Kaveri Hospitals had announced that it had raised $70 million for a minority stake from a private equity fund managed by IIFL Asset Management Ltd.
Established in 1999 as a 30-bed hospital, the group has a network of eight facilities with 1,600 beds spread across Chennai, Tiruchi, Salem, Hosur, Tirunelveli and Bengaluru.
“Almost all the expansion in Tamil Nadu and Bengaluru and Tiruchirappalli will be completed in 24 months, with a total of 3,000 beds,” he said.
He also said that some of the upcoming projects were either greenfield or brownfield.
