Park Medi World Incorporates Wholly Owned Subsidiary for 550-Bed Hospital Project in Prayagraj

New subsidiary to focus on healthcare services

Park Medicity Prayagraj Limited will operate in the healthcare services sector. The subsidiary has been established for the development and operation of a 550-bed multi-super-speciality hospital in Prayagraj.

The hospital project has been awarded to Park Medi World under the Public–Private Partnership (PPP) model by the Prayagraj Municipal Corporation, Uttar Pradesh, according to the company’s disclosure.

The incorporation therefore creates a dedicated entity for the Prayagraj hospital project while keeping the project within Park Medi World’s healthcare business.

₹15 lakh initial share capital infusion

As part of the incorporation, Park Medi World, along with its nominee, will infuse subscribed share capital in cash.

The filing states that the cost of acquisition is ₹0.15 crore, or ₹15 lakh, comprising 1,50,000 equity shares with a face value of ₹10 each. The company, along with its nominees, will hold 100% of the shareholding in the newly incorporated entity.

The company has stated that, apart from the wholly owned subsidiary structure, the promoter, promoter group and group companies have no interest in the transaction.

Newly incorporated entity has no operating history

Park Medicity Prayagraj Limited has been incorporated recently and consequently does not have a three-year turnover history. The filing also states that its size and turnover are not applicable at this stage.

The subsidiary’s stated business is the development and operation of the proposed multi-super-speciality hospital in Prayagraj.