Swedish healthcare provider Medicover will “invest hundreds of millions of dollars into India” as it looks to double the capacity of hospitals and beds in the next five years, company chairman Fredrik Stenmo said. “There is a big need for affordable, high-quality care in India. We have the people, operational skills, processes, capital and technology to provide to the Indian people,” Stenmo told ET in an interview.

He said Medicover will use a combination of internally generated cash flows and investment from its parent company to support growth in the country.

Stenmo was in India early this week to open a 300-bed multispecialty quaternary care hospital in Kharghar, Navi Mumbai, which was built in partnership with Bhartiya Vidya Peeth.

Medicover entered the Indian healthcare market in 2017 with the acquisition of a controlling stake in Hyderabad-based Sahrudaya Healthcare, which ran a hospital under the brand MaxCure.
Since then, it has expanded its operations to a network of 24 hospitals with over 5,000 beds across Andhra Pradesh, Telangana and Maharashtra.Stenmo said India is the third largest and fastest-growing business for Medicover, and will soon be the second-largest, overtaking Germany.