Multi-speciality hospital chain Jupiter Life Line Hospitals Ltd on Thursday (February 22) mentioned it has acquired land in Bibvewadi, Pune, with a leased space of 11,500 sq. meters.

The firm has signed a lease settlement for a interval of 10 years, with an annual lease rental of ₹9.27 crore. There can also be an choice to buy the land after three years.

Further, the company will have the option to purchase the land after three years. The land is leased for setting up a hospital,” in accordance with a inventory trade submitting.

The land is leased for organising a hospital that may serve the underserved group of South Pune. The proposed hospital will add 500 beds to the corporate’s current capability and might be accomplished over 3 – 4 years.

The Board of Directors has accredited a capital expenditure restrict of no more than ₹500 crore for this challenge, with the financing anticipated to be coated by inside accruals and topic to statutory approval and timelines.