Jupiter Life Line Hospitals has announced the acceptance of its tender for a significant land lease in the Bandra-Kurla Complex, Maharashtra. The Mumbai Metropolitan Region Development Authority (MMRDA) has awarded the lease for a plot measuring approximately 10,026.44 square metres.
The land is leased for a period of 80 years at a one-time lease premium of ₹354 crore. Jupiter Life Line Hospitals plans to utilise this land to establish a hospital with a capacity of approximately 400 beds. The development of the hospital will proceed in phases, contingent upon receiving the necessary statutory and regulatory approvals.
The project will be executed according to timelines outlined in definitive agreements, approvals, and project implementation plans. The capital expenditure for the proposed hospital will be determined based on detailed project plans and funding arrangements, which will be reviewed by the Board of Directors periodically.
The MMRDA, a statutory authority under the Mumbai Metropolitan Region Development Authority Act, 1974, awarded the contract, which does not involve any related party transactions as the promoter or promoter group of Jupiter Life Line Hospitals has no interest in MMRDA.
The hospital project represents a significant step for Jupiter Life Line Hospitals in expanding its healthcare infrastructure in a prime location. Further developments regarding this project will be communicated to the exchanges and investors as they occur.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Kinjal and reviewed by Markets Desk before publication.