Punj Lloyd - Engineering Conglomerate

Punj Lloyd - Investing In Global Health

The Delhi-based engineering firm Punj Lloyd will invest Rs 138 crore in Global Health Pvt Ltd (GHPL), a company promoted by noted heart surgeon Naresh Trehan. The investment is part of a larger fund raising plan of Global Health, which is setting up the Medicity Project in Gurgaon, near Delhi.

Indicating that this equity placement could be the first in a series of many, Naresh Trehan, Medicity’s promoter and Escorts Heart Institute and Research Centre’s executive-director, said, “We are working at several such deals. GHPL is a new company and it will take on equity stakes from several partners.” Declining to divulge details of the deal, Trehan said: “Both the parties are very keen on the deal. However, we can disclose the equity stake only after the deal has been closed.”

The Medicity project envisages a multi-speciality institution to provide top-notch healthcare facilities. It is expected to become operational by 2007. The $250-million institute will be spread over 43 acres and clinically modelled after global centres of excellence such as the John Hopkins and Mayo Clinic of the US. The campus will have a teaching hospital and research institute and will offer medical and nursing degrees, while providing healthcare services at its 1,800-bed facility with 20 medical specialties.

About a year ago, Trehan had entered into a memorandum of understanding with General Electric (GE) for collaboration in a number of initiatives regarding Medicity. While GE did not promise any monetary investment in Medicity, it would provide high-end diagnostic tools, clinical research and development and utility services such as power generation and distribution, lighting and water treatment to Medicity.