Park Medi World Ltd has incorporated a wholly owned subsidiary, Park Medicity Prayagraj Ltd, to develop and operate a 550-bed multi-super-speciality hospital in Prayagraj, Uttar Pradesh.
The new company has been formed to implement a healthcare project awarded to Park Medi World under the Public-Private Partnership (PPP) model by the Prayagraj Municipal Corporation, according to a regulatory filing.
Park Medi World subscribed to 1.5 lakh equity shares of the newly incorporated subsidiary at a face value of ₹10 each, taking its initial investment to ₹15 lakh. The hospital services company is fully owned by Park Medi World.
The Prayagraj project is expected to strengthen the company’s presence in Uttar Pradesh and expand its hospital network in the state.
Established in 2000, Park Medi World operates 16 multi-super-speciality hospitals under the Park brand across Haryana, Punjab, Rajasthan, Delhi and Uttar Pradesh. The company describes itself as the second-largest private hospital chain in North India by network and the largest private hospital chain in Haryana by bed capacity.
Read More: Park Medi World Secures PPP Mandate for 550-Bed Hospital in Prayagraj