"Max Healthcare Institute Ltd to Procure Land Parcel in Lucknow for New Hospital"

Max Healthcare Institute Limited's Board of Directors convened today, February 24, 2024, and granted approval for the acquisition of a land parcel in Lucknow, Uttar Pradesh. The allotted land, spanning approximately 21,946 square meters and secured through e-auction on a freehold basis, will be acquired for approximately ₹167 Crore, inclusive of stamp duty, following a successful bid by the company.

This strategic move signals the company's intent to expand its presence in Lucknow, Uttar Pradesh, as part of its ongoing growth strategy. The acquired land parcel holds the potential for the development of a 500-bedded hospital with an estimated built-up area of around 8 lakh square feet.

Max Healthcare Institute Ltd's decision to bolster its presence in Lucknow comes as its existing network hospitals are operating at a high capacity utilization rate. In the third quarter of the fiscal year 2024, the capacity utilization rate exceeded 73%.

Funding for the acquisition of the land parcel is anticipated to be sourced from internal accruals, reflecting the company's robust financial position and strategic approach to investment and expansion initiatives.

EQUITYBULLS