Author: Aadarsh Patel | EQMint
Park Medi World Limited has announced a major expansion in Uttar Pradesh after its wholly owned subsidiary, Aggarwal Hospital and Research Services Private Limited (AHRSPL), entered into an Operations and Management (O&M) agreement with Axis Educational Society (AES).
Under the agreement, Park Group will operate and manage the 300-bed Axis Hospital and Research Centre in Kanpur, Uttar Pradesh, for 28 years. The agreement was signed on September 16, 2026, according to the company’s exchange filing.
The multi-super speciality hospital is located at Chakeri Ward, Hathipur, Rooma, NH-2, Kanpur, and covers approximately 1.2 lakh square feet. Before commissioning, the facility will be renovated and re-equipped to provide a comprehensive range of multi-super speciality healthcare services to Kanpur and surrounding areas.
Asset-Light Expansion Model
Park Group will operate the facility under an asset-light model, meaning it will invest in renovation, modernisation and medical equipment without acquiring the underlying land or building upfront. The effective date of the O&M agreement will be no later than April 1, 2027.
Under the financial arrangement, AHRSPL will pay AES a revenue share equivalent to 6% of collections, subject to applicable taxes. The agreement also provides for a minimum guaranteed payment of ₹20 lakh per month, inclusive of GST, during the first year, followed thereafter by ₹20 lakh per month plus GST.
Park Medi World Expands Uttar Pradesh Footprint
The Kanpur agreement is part of Park Group’s strategy to expand its presence in Uttar Pradesh through a combination of owned, public-private partnership and asset-light operating models. The company said the arrangement will help increase its operational bed capacity while requiring lower capital investment than an owned or greenfield hospital.
Park Group currently operates 17 hospitals with a combined capacity of around 4,300 beds. The company is also integrating six additional hospitals and expanding capacity at three existing units, which are expected to add another 2,300 beds to the network. Including these expansions, the group’s total capacity is expected to reach around 6,600 beds.
Dr. Ankit Gupta, Managing Director of Park Medi World Limited, said the Kanpur facility would strengthen the company’s Uttar Pradesh footprint and allow an established hospital to be brought up to Park Group standards without the capital outlay or lead time associated with an acquisition or greenfield project.
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