The fund will be utilised for bed expansion at Dr Balabhai Nanavati Hospital in Mumbai
Max Healthcare Institute said that its board has approved giving funding of up to Rs 300 crore to its wholly-owned business Max Hospitals and Allied Services to help cover the cost of the hospital’s Phase-I bed expansion at Dr Balabhai Nanavati Hospital in Mumbai.
In addition, the business stated that its board had approved the issuance of a sponsor’s undertaking to the lending bank or financial institutions to Dr Balabhai Nanavati Hospital (BNH) to confirm that it would continue to hold a 100 per cent stake in Max Hospitals and Allied Services Ltd (MHASL) and pay the shortfall resulting from project cost and timeline overruns.
The BNH will receive an additional 329 beds as part of the Phase-I expansion plan, bringing the total number of beds to 660. The petition also mentioned that 2025 is the anticipated completion date.
Regarding the justification for the action, MHIL stated that BNH has been seeing an increase in patient foot traffic and high occupancy rates.
