Real estate has been one of the most booming businesses in India. Seeing the blooming nature of real estate, many Corporate have stepped into real estate business. Spice Global’s entry into the field is one of the latest of all.
The blooming nature of real estate and hospital businesses has attracted many Corporate. Finally Indian mobile giant Spice Global also has stepped into the real estate and hospital businesses recently. As their first investment Spice Global will invest Rs.250 Cr in Saket City Hospital.
Saket City Hospital is going to be the first venture of Spice Global, one of the leading mobile-handset makers of India. The handset makers will develop a 1000 bedded super specialty hospital at Saket in New Delhi. The group officials revealed that the hospital will be completed by 2014. The officials added that the first phase of the hospital will be in full swing by June 2013.
The first phase of Saket City Hospital will be completed by June 2013 with an estimated cost of Rs.400 Cr. Spice Global has already invested Rs.250 Cr and the rest of the amount will be soon found from the internal turnovers of the company. Bhupendra Kumar Modi, CMD of Spice Global, said that the group will find the fund from the internal turnovers.
When asked about the entry into the real estate, Mr. Modi said that it was too early for him to comment on the issue. He said that the group will concentrate mainly on hospital development in 2013. The group has already purchased land parcels in Mumbai and Punjab for developing hospitals with modern facilities.
The total estimated cost of Saket City Hospital is Rs.1400 Cr. Once the brand is established through this super specialty hospital, they will develop hospitals across India mainly on the major cities of India. The company has dismissed their plans to begin mobile hospital services in India due to the weak connectivity. The group has successfully run mobile healthcare facilities in Singapore.
