U.K. consortium plans $1.5B investment in Indian hospitals

A British consortium plans to spend $1.5 billion to bring 11 NHS-related facilities to India, according to a report by the Economic Times.

Indian Prime Minister Narendra Modi

The deal is part of Healthcare UK, which is made up of Britain's Department of Health, the UK Trade and Investment organization and the National Health Service.

The deal was signed recently while Indian Prime Minister Narendra Modi was on a state visit to Britain. The first of the 11 hospitals will be set up in New Chandigarh in Punjab, according to the report, but no timeline was given on when it will become operational.

Each of the new "Indo-UK Institutes of Health will include an NHS-branded hospital, clinical support services, NHS e-health, staff accommodation, a medical college, a nursing college, R&D facilities, medical manufacturing facilities and a medical mall," the report said.

The plan is expected to produce and employ 5,000 doctors and 25,000 nurses and could create 1 million jobs overall, the report said.

Funds for the project will come from a combination of debt and equity from a group of banks and UK Export Finance. Elara Capital was named as financial adviser.

- here's the story from the Economic Times