Dubai-based healthcare group DM Healthcare plans to raise Rs6bn ($122m) from Asia-focused private equity firm Olympus Capital and existing investor India Value Fund to expand its operations in India.

The group plans to set up a Rs15bn ($306m) hospital in Kochi, on the west coast of India, and a 750-bed hospital in the Wayanad district, north-east Kerala.

Dm has also finalised deals to acquire hospitals in Pune and Kolhapur, reports the Economic Times.

The group currently operates five hospitals, 38 medical centres and 75 pharmacies.