Novacare Hospitals (Private) Limited, a subsidiary of Maple Leaf Cement Factory Limited (MLCF), has announced plans to build a cutting-edge hospital in Islamabad, with an estimated investment of $110 million.
The initiative was disclosed by MLCF in a notice to the Pakistan Stock Exchange (PSX) on Monday.
According to the announcement, “Novacare Hospitals (Private) Limited, a wholly-owned subsidiary of the company, will commence the construction of a state-of-the-art hospital in Islamabad, having entered into an international affiliation agreement with Imperial College Healthcare NHS Trust, a prominent UK teaching hospital group.”
MLCF revealed that the hospital, situated on a 50-Kanal plot in DHA Phase-V, Islamabad, will boast 250 beds and cover an area of 550,000 square feet, offering a wide spectrum of tertiary healthcare services across 28 clinical specialties.
The architectural design for the facility will be orchestrated by HKS Inc., a renowned US-based global design firm.
“Through its collaboration with Imperial College Healthcare, Novacare aims to harness the expertise of a leading UK teaching hospital group. The affiliation will facilitate advisory support from Imperial College Healthcare on care models, services, and staffing, with the objective of implementing their clinical standards and protocols,” stated the notice.
The aspiration is for Novacare to uphold healthcare standards equivalent to those maintained by Imperial College Healthcare’s prestigious London hospitals.
Established on April 13, 1960, under the Companies Act, 1913, MLCF primarily focuses on cement production and distribution. The company operates as a subsidiary of Kohinoor Textile Mills Limited.
As per MLCF’s consolidated financial statements for the first half of financial year 2023-24, ending December 31, 2023, the company reported a consolidated pre-tax profit of Rs5,387 million, compared to Rs6,058 million in the corresponding period.
In a related development last year, Sindh Institute of Urology and Transplantation (SIUT) Trust expressed interest in acquiring Karachi’s Regent Plaza, a prominent four-star hotel in the city’s financial district, for approximately Rs14.5 billion (nearly $52 million).