Tata Steel Limited said that it has increased its stake from 26% to 51% in Medica TS Hospital Private Limited (MTSHPL), the holding company for a 100-bed multi-specialty hospital in Kalinganagar, Odisha, in a deal worth around INR 50 crores.

Operating since 2014, Medica TS Hospital is a joint venture between Tata Steel and Medica Hospitals Private Limited.

The additional 25% stake in the multi-specialty hospital in Kalinganagar has been acquired by Tata Steel through the conversion of 5,102 optionally convertible debentures (OCDs) into equity shares and 4,92,298 OCDs into 4.9 crore 0.01% optionally convertible redeemable preference shares (OCRPS).

The turnover of Medica TS Hospital for the year ended 31 March 2021 was INR 34.98 crores.

Tata Steel stated: “MTSHPL is an integral part of the Kalinganagar operations of the Company in Odisha and services the employees and community in the area at large.”

  India, Kalinganagar, Medica Hospitals, Medica TS Hospital, Odisha, Tata Steel, Tata Steel Kalinganagar