Medicover to invest Rs 660 crore in India for 50 fertility clinics
New Delhi : Europe's leading healthcare provider Medicover plans to invest USD 100 million (over Rs 660 crore) to set up 50 fertility clinics in India over the next three years.
The company, which started its operations in Poland some 20 years ago, plans to set up clinics in the Delhi/NCR region in the first phase followed by central and western parts of the country.
"We are currently present in geographies like the UK, Poland, Ukraine and now plan to invest USD 100 million in India over the next three fiscals to set up 50 fertility clinics," Medicover Division Chief Executive Officer John Stubbington told .
The family-owned enterprise aims to fund the USD 100 million expansion in India through internal accruals.
Initially, the company plans to come up with four clinics in the Delhi/NCR in the next two months with plans to have 10 such outlets in the country by the end of the year.
"After Delhi NCR, we plan to expand in other northern states like Punjab, Haryana and then move on to locations in central India. We also plan to enter western parts of the country at a later stage," Medicover Healthcare Managing Director and CEO Gaurav Malhotra said.
Elaborating on the growth prospects in the Indian market, he added that around 30 million couples in India suffer from fertility issues and there is lack of quality facilities to deal with the condition in the country.
"Around 90 per cent of the couples who come to us end up with babies. We have relentless focus on quality and we want to bring the same European medical standards to India," Stubbington said.
The company will also issue DNA certificate to each couple in country after the completion of the process. It also plans to constitute a board which would look after complaints, if any.
"We have already hired a team in India including IVF specialists and plans to leverage the knowledge of doctors based in Europe to train manpower in India," Malhotra said.
Globally the group employs around 12,500 people across 15 countries. It posted revenues of 480 million euros last year and expect to close the current year at 600 million euros. MSS MR