After Adani, Bajaj Group ventures into hospital business in India
What's the story
The Bajaj Group, one of India's leading conglomerates, has set aside ₹10,000 crore to develop a nationwide chain of affordable but high-end hospitals.
The move comes after Adani Group announced a similar venture in association with US-based Mayo Clinic.
The project will be led by Nirav Bajaj, paving a new path for the group, which has interests in automobiles, insurance, and more.
Strategic move
Investment aligns with India's growing healthcare sector
The Bajaj Group's investment comes in line with the fast-growing healthcare sector in India, driven by increasing wealth and insurance coverage.
The expansion is also driven by a growing number of people nearing retirement age.
The group's decision to enter the hospital business comes at a time when leading private healthcare companies such as Apollo Hospitals Enterprise Ltd, are witnessing a surge in revenue.
Business expansion
Bajaj Group's diversified portfolio
With a net worth of around $20 billion, the Bajaj family has a diversified business portfolio of 40 companies.
Their businesses include health insurance providers like Bajaj Allianz General Insurance and consumer healthcare platforms such as Bajaj Finserv Health Ltd, which provides services like lab tests, telemedicine, and online pharmacy services.
The group's move to enter the hospital business is in line with their healthcare interests.
Project
A look at Adani's healthcare venture
In related news, Adani Group in association with Mayo Clinic has decided to set up two health campuses in India, under their new project 'Adani Health City.'
The main focus of the healthcare venture is to offer affordable medical care as well as education facilities of international standards.
The health campuses will come up in Ahmedabad and Mumbai, with each hosting a 1,000-bed multi-super-specialty hospital.