The Vatika Group, a leading player in the real estate and hospitality business, has decided to exit its healthcare business- Vatika Medicare.
It was only in January 2015 that the group had announced its foray into healthcare. The group began its operations in Delhi-NCR by acquiring two diagnostic labs ‘Health Square’ from Spry Hospitality for Rs 30 crore. Vatika Medicare, which is one of the verticals of Vatika Hotels, had plans of investing Rs 200 crore to open 15 diagnostic centres in tier II cities, beginning with Delhi-NCR. However, the group did not go ahead with rolling out more diagnostic centres.
The group has already exited its diagnostic centre in Gurgaon around 10 months back. The centre was acquired by a group of four doctors. Its second centre, located in Hauz Khas in Delhi, is likely to be acquired by another group of doctors.
Confirming the news, Deepak Uppal, Director, Vatika Medicare, said, “Yes, we are exiting our healthcare vertical by 31st of this month. We have decided to focus on our core business, which is real estate and hotels.”