Modi Cameron UK
Modi Cameron UKREUTERS/Peter Nicholls

A group of Indian and U.K.-based promoters called the Indo-U.K. Institute of Health (IUIH) is reportedly preparing to set up a 1,000-bed hospital in Hyderabad. The announcement came on Monday as part of an agreement signed by Indian Prime Minister Narendra Modi and his U.K. counterpart David Cameron last year, under which the IUIH is to come up with hospitals across 11 states in India, the Indo-Asian News Service reported.

The establishment of each hospital entails a foreign direct investment of Rs. 1,000 crore, said the IANS report.

A delegation of the IUIH led by its CEO, Ajay Ranjan, and British Deputy High Commissioner in India Mike Nithavriankais met Telangana Chief Minister K Chandrasekhar Rao, who assured them of all the help from the government to set up the hospital, according to a statement issued by the Chief Minister's Office on Monday.

The site for the construction of the hospital has also been indentified and foundation stone for the project will be laid soon.

The healthcare facility would reportedly include a medical college, various departments, research and training centres.

The Modi-Cameron agreement signed last year in the U.K. is expected to bring an investment of £1 billion to the healthcare sector in India.

The funds for the mega project would be raised through a combination of debt and equity from a consortium of banks that includes UK Export Finance and other private equity players, like Elara Capital, according to the Times of India.

The establishment of 11 mega hospitals is expected to create employment for 5,000 doctors, 25,000 nurses, and many other allied health specialists.

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