According to a Bloomberg article, the Bajaj Group is purportedly preparing to enter the healthcare industry with a possible investment of ₹100 billion (about $1.1 billion) to start a network of hospitals.
To build a network of hospitals, comprising both high-end and low-cost facilities, the corporation intends to invest these funds in stages.
It was first announced in August last year that the Bajaj Group was interested in entering the healthcare industry. This most recent development confirms the magnitude of their anticipated investment. According to sources, Nirav Bajaj, who oversees corporate strategy at Mukand, would probably be in charge of the healthcare business, even though investment plans were still being considered at the time.
The Bajaj family established its conglomerate in 1926 and is currently valued at around $20 billion. Among its 40 businesses, Bajaj Finserv Health is a consumer healthcare platform that includes telemedicine, lab testing, and online pharmacy services, while Bajaj Allianz General Insurance offers health insurance. Last year, Bajaj Vitality was also established.
The performance of its lending arm, Bajaj Finance, drove Bajaj Finserv, the holding company for the financial services businesses within the Bajaj group, to publish its fiscal third-quarter earnings earlier in January with a consolidated profit of Rs 2,231 crore, up 3% YoY. The quarter’s revenue increased by 10% to Rs 32,042 crore.
The profits of Bajaj Finance and Bajaj Allianz General Insurance Company (BAGIC) increased by 17% and 39%, respectively, to Rs 4,246 crore and Rs 400 crore.
In December, the company’s CEO, Devang Mody, told a news outlet that Bajaj Finserv Health wants to break even by FY27. Over the following three years, Bajaj Finserv will spend Rs 1,000 crore in the company, he had stated.
