Narayana Health wants to expand further in core markets, including Bengaluru and Kolkata

“As far as where we want to spend, one we want to first expand in our core markets, where we have a significant brand dominance and we also need capacity. So, in Bangalore and Kolkata, we will expand through new Greenfield projects,” Sandhya said.

"We will acquire land in Kolkata and in Bangalore we already have land available," she added.

According to May 2023 Equirus Healthcare tracker, there is strong interest seen in the hospital space when it comes to M&A and deal activity. In terms of deal value, in CY2023, investments in hospital sector is leading the space.

However, Sandhya said the group has a cautious approach to M&A, emphasising the need for careful consideration.

She said, “From our point of view, we are cautious on the M&A front. The assets are fairly high priced at the moment. We are an affordable healthcare player and every day we strive to bring the lowest cost or the most affordable cost for our patients at the highest possible quality. So therefore, while we are not averse to M&A, we will be very careful.”

Lastly, addressing the issue of stake sales, the CFO categorically stated that Narayana Health has no intention to sell its stake.