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Jaslok Hospital Puts To Rest Reports Of Its Sale, Says Will Invest Rs 300Cr For Expansion

Mumbai’s iconic Jaslok Hospital said it will not be ceding operations and management control, putting to rest the speculation over Malaysia’s IHH Healthcare taking over.

The hospital run by a charitable trust led by NG Chanrai, Managing Director of Kewalram Group said it will be investing around Rs 300 crore over five to six years to refurbish and expand facilities at the hospital.

The funds for expansion will be raised from internal accruals and debt, Jaslok said in a statement.

Jaslok was established by Sindhi businessman and philanthropist Seth Lokoomal Chanrai in 1973, now operates 350 bedded multi-speciality hospital on Peddar Road in South Mumbai.

The hospital said it will be adding 50,000 square feet additional space, in addition to expanding its state-of-art Modular Operation Theatres, expand OPD services, Catheterization Laboratory, alongside other medical facilities.

Mumbai Mirror earlier reported that both Jaslok Trustees and IHH Healthcare have arrived at an agreement to handover operations and management control to the latter quoting unnamed sources.

IHH bought 31 percent stake in Fortis Healthcare in 2018 for Rs 4,000 crore.

“After strategic rounds of discussion, Jaslok’s management with the goal to continuously improve efficiency has initiated refurbishment project and has seen encouraging feedback from the patients as well as doctors,” said Jitendra Haryan, CEO of Jaslok Hospital

“Looking at completion in 2023 the hospital is certain to provide not only clinical excellence but also experiential recovery which will be a unique combination in a legendary hospital like Jaslok,” Haryan said.

The private charity hospitals that once dominated Mumbai providing quality care, are increasingly facing difficulties due to rising costs, competition, employee unions and raising funds to upgrade themselves with latest technologies.

The operations and management of Nanavati Hospital, which was in financial difficulties were taken over by Radiant Life Care-backed by US private equity firm. The operation and management of 110-bedded Asha Parekh Hospital in Santacruz, Mumbai was taken over Ahmedabad-based Shalby Hospitals. Asha Parekh ceased operations due to financial issues. – Money Control

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