Norwest Venture Partners invests Rs 450 crore in Regency Health

New Delhi, Nov 7 (PTI) Hospital chain Regency Health on Tuesday said it has received an investment of Rs 450 crore from Norwest Venture Partners.

The company plans to increase its bed capacity to 2,300 by 2027 to fortify its presence in Uttar Pradesh on the back of the fresh investment, Regency Health said in a statement.

The healthcare firm currently has a total of 700 beds.

The investment will lead to a substantial expansion of Regency's infrastructure and services, the company said, adding it plans to open a 250-bedded facility in Gorakhpur by August 2024.

This will be followed by another 450-bed unit in Kanpur in January 2025, a 350-bed unit in Varanasi in January 2026 and a 375-bed unit in Lucknow by February 2027, the company said.

Regency is also actively exploring opportunities in other cities in UP, it added.

'We are dedicated to revolutionising healthcare delivery in Uttar Pradesh, and this capital infusion will be instrumental in achieving our vision. Our upcoming multi-specialty tertiary hospitals, including those in Gorakhpur, Kanpur, and Varanasi, are poised to set new benchmarks in healthcare excellence,' Regency Health Chairman and Managing Director Atul Kapoor said.

On its investment, Norwest India Managing Director Shiv Chaudhary said, 'With Uttar Pradesh emerging as an economic powerhouse, the potential for impactful investments is immense. This collaboration is a significant step towards realizing Regency's growth aspirations and redefining healthcare benchmarks that will positively impact the lives of Uttar Pradesh's residents.' PTI RKL SGC HVA