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Park Medi World jumps 3% on PPP award for 550-bed hospital in Prayagraj
The company said the project includes about ₹200 crore in investment plus a ₹76.5 crore state concession, with construction planned over two years and a 45-year operating lease.
Park Medi World shares rose about 3% intraday on the BSE on Wednesday, extending a winning streak to a fifth consecutive session, after the company announced a new healthcare project in Uttar Pradesh, according to LiveMint Markets.
In an exchange filing on 26 August, Park Medi World said it was awarded a mandate under a public-private partnership model by the Prayagraj Municipal Corporation to develop and operate a 550-bed multi-super-speciality hospital in Prayagraj.
Under the concession, the company will construct the hospital facility over two years from the appointed date, operate it under a long-term lease for 45 years, and invest approximately ₹200 crore, along with a concession of ₹76.52 crore from the State Government.
The hospital will be developed on a 3.22-acre site allocated by the Municipal Corporation, with an option to secure additional 2.47 acres from the fifth year following the commercial operations date.
LiveMint Markets added that the Prayagraj project is described as the third pillar of Park Group's Uttar Pradesh strategy, with total capacity in the state set to reach 1,260 beds on completion.