GPT Healthcare to Develop High-Class Hospital in Jamshedpur

GPT Healthcare Ltd, involved in operating hospitals and delivering healthcare services has announced on December 5 that it has signed a Memorandum of Understanding (MoU) and Letter of Intent (LoI) with Naveen Singh and other lessors for the construction of a hospital building in Jamshedpur, Jharkhand. The facility, which will feature upgraded amenities, will be leased to the company on a long-term basis.

The agreement includes multiple parties: Naveen Singh, Ankur Singh, Shruti Singh, Vinayak Singh, Akshat Singh, Avinash Gaurav, and Kavita Singh. According to GPT Healthcare, this is a third-party agreement, with no involvement of nominees from the company’s board of directors.

Background & Details

The new hospital building will be constructed and finished as part of the agreement with the lessors. GPT Healthcare, which operates mid-sized multi-speciality hospitals under the ILS Hospitals brand, stated in its regulatory filing that the arrangement does not present any conflict of interest.

The company, established by Dwarika Prasad Tantia, Dr. Om Tantia, and Shree Gopal Tantia, started operations in 2000 with an eight-bed hospital in Kolkata. It now operates four multi-specialty centres with a combined capacity of 561 beds.

Market Update

Following the announcement, GPT Healthcare’s shares reached an intraday high of ₹190.50 at 10:45 AM, marking a gain of over 3% in today’s trading session. Over the past month, the stock has shown an upward trend, rising by 8.15%. However, on a year-to-date basis, the shares have declined by 6.19%, reflecting a mixed performance in the broader timeline.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.