Paras Healthcare announces expansion plans; UP, Jharkhand to get hospitals

He added that the company's goal from the very beginning has been to provide quality services at affordable prices to the patients and we are committed to that goal even now.

"We will open multi-specialty tertiary care hospitals in the expansions that we have lined up. One such hospital will be made operational in Panchkula in July this year," added Nagar.

The healthcare provider has already announced its plans to set up a 300-bed tertiary care hospital in Ranchi. There will be another one coming up in Uttar Pradesh, said Dr Nagar. The Ranchi hospital is being set up in tie up with Public Sector Undertaking Heavy Engineering Corporation (HEC).

The hospital is being set up under public-private partnership by Paras and HEC where in the land for the hospital is being provided by the engineering major while Paras will bring its healthcare expertise and manage day to day operations.

The company will utilize the proceeds of the funding that it raised last year for setting up the upcoming hospitals. It had raised 42 million US Dollars (around Rs 275 crore) in July 2017 from PE firm Creador for its growth and expansion plans.

Adding to this he said that Paras Healthcare will expand in North India in the near future.

"We are not looking at any part of the country at the moment. We see humongous unmet needs for quality healthcare in this part of the country. In our expansions, we are looking at asset light model. However, we may look at other models on case to case basis," he added.