New Delhi, Aug 27 (PTI) Max Healthcare Institute on Friday said it has acquired exclusive rights to aid development and provide medical services to a 500-bed hospital to be built on a prime land parcel of 3.5 acres in Saket in Delhi, through its arm Alps Hospital Ltd.

The company's wholly owned subsidiary, Alps Hospital Ltd, has acquired 100 per cent stake in ET Planners Pvt Ltd (ETPPL) in an all-cash deal of Rs 60.11 crore, Max Healthcare Institute said in a regulatory filing.

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"TPPL has exclusive and long-term rights to provide medical services in key specialties and aid development of a Children's Hospital on this land, situated between Max Super Specialty Hospital, Saket and Max Smart Super Speciality Hospital, a unit of Gujarmal Modi Hospital and Research Centre for Medical Sciences, it added.

"This will allow integration of existing Max Network hospitals, thus enabling creation of an over 2,300 bed contiguous medical hub spread over 23 acres of land," the filing said.

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The first phase of the hospital is expected to be commissioned in the year 2024, it added.

"This transaction will allow us to create amongst the largest healthcare complexes in Asia at the heart of our National Capital," Max Healthcare Institute Ltd (MHIL) Chairman and Managing Director Abhay Soi said.

The hospital will have a capacity of around 500 beds, of which 250 beds will be commissioned in the first phase. It will be operated under the aegis of Vikrant Children's Foundation and Research Centre, MHIL said.

The hospital, once fully constructed and operational, shall directly employ around 2,500 people and provide free treatment to around 80,000 patients belonging to economically weaker sections annually in its in-patient and out-patient department, it added.

The transaction will allow Max network of hospitals to expand, integrate and streamline their services across four hospitals located in Saket Complex, the filing said.

Shares of Max Healthcare Institute Ltd closed at Rs 334.90 per scrip on the BSE, up 0.60 per cent from their previous close.

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