New Delhi, August 26: Healthcare major Park Medi World Limited has won a Public-Private Partnership (PPP) model contract from the Prayagraj Municipal Corporation to construct, equip, and operate a 550-bed multi-super-speciality hospital in the city. With an estimated investment of ₹200 crore, the project will strengthen Park Medi World’s operational footprint in Uttar Pradesh to 1,260 beds. To support the development, the Uttar Pradesh state government will be providing a 76.52 crore grant, covering about 38% of the total capital outlay. Park Medi World will be paying an annual concession fee of Rs.18.10 crore as per the contract, with an annual escalation of 3%.
Park Medi World will construct the hospital over a 2 year period and operate the facility under a 45 year lease. The Prayagraj Municipal Corporation has allotted a 3.22 acre site for the hospital, with an additional option for 2.47 acres for future expansion.
Strategically located behind the Arail Ghat, in the most densely populated part of the city, the location is just 3km from the Sangam Ghat by road, allowing it to cater to a large volume of pilgrims.
“Being selected by the Government of Uttar Pradesh to develop this 550-bed hospital in Prayagraj under the PPP framework is both a privilege and a responsibility. Uttar Pradesh is India’s largest and among its most under-served healthcare markets, and this partnership allows us to bring high-quality, affordable tertiary care to a region that needs it. With the State’s support towards construction and a long-term concession, this project reflects our commitment to disciplined, capital-efficient growth and to partnering with government in strengthening the healthcare ecosystem across North India. We are proud to contribute to Uttar Pradesh’s healthcare infrastructure and look forward to serving the people of Prayagraj and the wider region.” Dr. Ankit Gupta, Managing Director, Park Medi World Limited, said in a press release.
This development boosts Park Medi World’s aim of boosting its overall capacity by 46% this year, as the North India-focused hospital chain looks to offer affordable, accessible high-quality healthcare.
