Park Medi World to incorporate wholly-owned subsidiary for Prayagraj hospital

Park Medi World Limited announced that its Board of Directors has approved the incorporation of a wholly-owned subsidiary, to be named "Park Medicity Prayagraj Limited" or "Park Hospital Prayagraj Limited", or similar, as a Special Purpose Vehicle. This subsidiary will be responsible for the development and operation of a 550-bed multi-super-speciality hospital in Prayagraj, Uttar Pradesh, under a Public-Private Partnership (PPP) model with the Prayagraj Municipal Corporation. The incorporation is a step following the company's winning bid for this project. The subsidiary will be incorporated in India and will operate in the healthcare services sector. The cost of subscription for the subsidiary's shares is INR 0.15 crore, comprising 1,50,000 equity shares.