The Bajaj Group is reportedly planning a foray into the healthcare sector, with a potential investment of ₹100 billion (approximately $1.1 billion) to establish a hospital chain, according to a Bloomberg report.
The conglomerate plans to invest these funds in phases to develop a network of hospitals, including both affordable and high-end facilities, sources familiar with the matter told Bloomberg.
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The Bajaj Group’s interest in entering the healthcare sector was initially reported in August of last year. This latest development confirms the scale of their planned investment. While investment plans were still under consideration at that time, reports indicated that the healthcare venture would likely be led by Nirav Bajaj, who heads corporate strategy at Mukand.
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The Bajaj family is worth about $20 billion and had founded its conglomerate in 1926. Among its 40 companies, Bajaj Allianz General Insurance provides health insurance, while Bajaj Finserv Health is a consumer healthcare platform that offers telemedicine, lab tests and online pharmacy services. Bajaj Vitality was also formed last year.
Bajaj Finserv, the holding company for the financial services businesses under the Bajaj group had, earlier in January, reported its fiscal third quarter earnings with consolidated profit at Rs 2,231 crore, up 3 per cent YoY, driven by the performance of its lending arm Bajaj Finance. Revenue for the quarter stood at Rs 32,042 crore, up 10 per cent. Bajaj Finance had posted a 17 per cent growth in profit to Rs 4,246 crore and Bajaj Allianz General Insurance Company (BAGIC) reported profit at Rs 400 crore, up 39 per cent.
In December, Devang Mody, CEO of the company, had told a media house that Bajaj Finserv Health is aiming to break even by FY27. He had added that Bajaj Finserv will invest Rs 1,000 crore over the next three years in the firm.
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