National Health Investors, a United States-based healthcare real estate investment trust, is likely to invest $ 50 million (approximately Rs. 270 crore) in India through Signature Senior Living for senior assisted living facilities.
A. Sridharan, Managing Director of Covai Properties, told The Hindu on Saturday that Serene Retirement Communities is a joint venture of Covai Properties and Signature and it developed retirement homes for senior citizens. Signature had already invested in Serene Retirement Communities private equity of $ 2.5 million.
The $ 50 million proposed now was for senior assisted living facilities across the country. Serene had proposals for such facilities in Coimbatore, Chennai, Bangalore and Hyderabad. Land was identified for the projects in some cities. It was likely to take three or four years for development. The funds would be used for capital expenditure such as construction, equipment and trainings. Serene Retirement would maintain the facilities and provide the required service. Mr. Sridharan said that assisted living care for senior citizens required a lot of facilities and specialised training. The concept was still developing in India.