New Delhi, Jan 16 (PTI) Hospital chain Paras Healthcare is investing Rs 500 crore to add 830 beds in 2019, a top company official said Wednesday.

The company has hospitals in Gurugram, Patna, Darbhanga and Panchkula.

“We are investing Rs 500 crore to add 830 beds in 2019 across our three hospitals. This includes 232 beds in our Panchkula hospital which we have just opened,” Paras Healthcare Managing Director Dharminder Nagar told PTI.

The multi-speciality hospital in Panchkula is a part of the company’s expansion plan for the year, he added.

The company will also be opening a hospital in Ranchi with 350 beds during the year and will be adding 250 beds in another hospital, Nagar said without disclosing the location of the hospital.

The hospital in Ranchi is being set up in partnership with Heavy Engineering Corporation (HEC), he added.

When asked how the company is funding the expansion, Nagar said: “This is mainly through equity which we have raised. The company had raised USD 42 million (around Rs 275 crore) in July 2017 from private equity firm Creador. The rest would be through debt.” The company follows an asset light model and its focus has always been to serve the middle class and to manage the quality and be cost effective, he added.

This is published unedited from the PTI feed.