New Delhi: Park Medi World Ltd on Tuesday announced the incorporation of a wholly-owned subsidiary, Park Medicity Prayagraj Ltd, to develop and operate a 550-bed multi-super-speciality hospital in Uttar Pradesh.
The new entity has been established to execute a project awarded to the company under the Public-Private Partnership (PPP) model by the Prayagraj Municipal Corporation, the company said in a regulatory filing.
The subsidiary was incorporated on Tuesday, with Park Medi World subscribing to 1,50,000 equity shares at a face value of Rs 10 each, amounting to a total cost of Rs 15 lakh, it said.
Park Medi World owns 100 per cent shareholding in the newly formed healthcare services entity, the filing added.
Founded in 2000, Park Medi World claims to be the second-largest private hospital chain in North India and the largest private hospital chain in terms of bed capacity in Haryana. The company operates a network of 16 multi-super speciality hospitals under the ‘Park’ brand across Haryana, Punjab, Rajasthan, Delhi and Uttar Pradesh. PTI
