INDIA BUSINESS WORLD - OCTOBER 21^st - NOVEMBER 15^th - 2007

HAVELLS BUYS 70% STAKE IN HEALTHCARE CO

QRG Enterprises, the promoter holding company of electrical equipment maker Havells India, has diversified its business by entering into healthcare. The privately-held entity has acquired 70% stake in Faridabad-based midsize hospital Central Hospital & Research Centre(CHRC) for an enterprise value of Rs 30 crore and is going to invest another Rs 20 crore to expand the facility. Havells India joint managing director Anil Gupta said: "At a group level, we were looking to do something other than our manufacturing business. We considered education and healthcare as two separate business areas and decided to start with the latter." The Faridabad-based CHRC is a 140-bed super speciality hospital and offers speciality care in neurosurgery, plastic surgery, knee & joint replacement surgery, non invasive cardiology, orthopaedics etc. The hospital was promoted by a group of doctors, some of whom have exited by selling their equity to QRG Enterprises. The remaining 30% equity stake continues to be held by one of the founding promoters of the hospital.