Manipal group plans Rs 300 cr IPO by June

MUMBAI, APR 21: The Rs 2,000-crore Manipal Group of Karnataka, which pioneered education and healthcare, is planning a Rs 300 crore initial public offering by June 2000 to fund its diversification mainly to expansion in media and entertainment business. The entertainment business will revolve around a 24-hours regional TV Kannada channel. A content development company is also being launched to produce software for the TV channel.

Speaking to newsmen here today, Gautham Pai, executive director, Manipal Group, said that the flagship company of the group, ICDS Ltd, in addition to its financial activities has now planned to diversify itself into IT-related areas. To start with, it has planned to utilise its 50-strong branch network to impart quality computer education and give training in software, internet, E-commerce and other computer applications to the student community.

In view of the growing potential of healthcare business, the group intends to shift from the traditional trustee system of running hospital to a corporate image. Further plans for expansion are on the anvil both in India and the Middle East. The group is also considering making forays into health insurance with global brands like Sigma with whom talks are on.

Talks are on with several multinational companies for a joint venture and discussion are in an advanced stage. Using the synergies with the groups health care business plans are around for a health portal site in the next few months. The group is also planning to set up a clinical research laboratory for conducting clinical drug trials. Plans are in place to set up an IT park with incubation facilities in Manipal for which 250 acres of land have been identified.