GE to invest in Naresh Trehan’s MediCity

[ FRIDAY, DECEMBER 16, 2005 12:55:41 AM]


MUMBAI: GE India, the subsidiary of the world’s most valuable company, is likely to buy a small stake in leading cardiac surgeon Naresh Trehan’s $250m MediCity project through its $145m India Development Fund.

GE announced in November that it proposes to reinvest the $145m that it received as part of the Dabhol settlement from the Indian government back in domestic companies. The GE India Development Fund will invest across a number of critical sectors in the Indian economy including energy, water, healthcare, security and other infrastructure projects, the company had said.

“Our investment in MediCity is one of the first projects in the pipeline. The quantum of the investment is currently under discussion,” said a company spokesperson. Mr Trehan did not respond to ET’s mailed questionnaire.

MediCity will be multi-specialty institution modelled on the lines of top-notch healthcare facilities such as Mayo Clinic and Johns Hopkins in the USA. The institute, which is expected to be operational by ’07, will be built on a 43 acre campus in Gurgaon in the National Capital Region.

The campus will have a teaching hospital and research institute and will offer medical and nursing degrees, while offering healthcare services at the 1,800-bed facility offering cardiac care and 19 other medical specialties.