Indian hospital chain Advanced Medicare & Research Institute (AMRI) is setting up three new hospitals in the cities of Kolkata and Bhubaneswar to open in financial year 2009–10.

AMRI will invest about INR3bn ($63m) to go towards 700 beds in the three hospitals for which the land has already been acquired, reports.

The two hospitals in Kolkata will have about 400 beds and the remaining 300 beds will be located in the Bhubaneswar hospital.

A large amount of money would be raised through internal accruals and the remainder through debts and equity, AMRI said.