Park Medi World sets up wholly owned subsidiary for Prayagraj hospital
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Park Medi World is incorporating a wholly owned subsidiary, tentatively named Park Medicity Prayagraj Limited or Park Hospital Prayagraj Limited, as a Special Purpose Vehicle for developing and operating a 550-bed multi-super-speciality hospital at Prayagraj, Uttar Pradesh. The project was awarded under the Public-Private Partnership model by Prayagraj Municipal Corporation. Investment is Rs 0.15 crore via 1.5 lakh equity shares at Rs 10 face value, with 100 percent holding. This follows the August 26 disclosure about winning the bid.
Sets up clean SPV structure for Prayagraj hospital PPP project. Minor capital outlay of Rs 0.15 crore. Positive expansion signal.