The project involves the establishment of a 175-bed hospital. Credit: beerkoff / Shutterstock.com.

Shalby Multi-Speciality Hospitals, based in Ahmedabad, India, has enacted an amendment to the Operation and Management Agreement with The Santacruz Residents Association and Smt. Bhikhubai Chandulal Jalundwala General Hospital (BCJ) Trust.

This amendment grants the company the approval to proceed with the construction of a new hospital building in Santacruz, Mumbai, pending confirmation from the Charity Commissioner.

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The project entails the establishment of a 175-bed hospital.

Under the amended agreement, the company will commit to an interest-free security deposit of Rs375m ($4.5m) to the trust, with Rs296.5m already disbursed.

The reimbursement of this deposit will span 30 years.

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The trust will seek permission from the Charity Commissioner and, upon obtaining approval, the company will undertake the construction and management of the new hospital for a period of 30 years.

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Should approval not be granted within 12 months, the trust is obligated to refund the security deposit, with a 9% interest rate.

The agreement delineates various terms, encompassing charitable responsibilities, the commercial operation date, licences and approvals, obligations of both the trust and the company, as well as the handling of existing and future liabilities.

Post approval, the facility is anticipated to be operational within an estimated two to three years.

Shalby operates 11 multispecialty tertiary hospitals and four orthopaedic centres under the Shalby Orthopedics Center of Excellence across India, boasting a total bed capacity exceeding 2,000 beds.

In addition, Shalby has ventured into the manufacture of knee and hip implants in the US.

Shalby has a team of more than 4,000 skilled doctors, surgeons, and support staff.