Sri Kanchi Kamakoti Mutt has taken over the assets of the ailing Tamilnad Hospital, located at Perumbakkam, Chennai. This is the second acquisition of a hospital by the Mutt, the earlier being the Child Trust Hospital, Chennai which was acquired two years ago. Tamilnad Hospital was the first corporate hospital in Chennai. The takeover was facilitated by ICICI Bank under the new Securitisation Act for a total consideration of Rs.15.4 crores.
Of the total consideration, Rs. 4 crore is being retained by ICICI Bank. The Mutt has acquired the hospital through its deemed university at Kancheepuram. The hospital will be rechristened as Sri Kanchi Kamakoti Sankara Medical Hospital. A steering committee headed by former SEBI Chairman, G.V. Ramakrishna and consisting of former bureaucrats K.P. Geethakrishnan and N. Vittal has been constituted for managing the hospital.
Sources in the Mutt claimed that besides reviving the hospital, the amount to be pumped in has not been disclosed, plans are on to establish a medical college with 100 to 150 seats at a total cost of Rs.60 crore by next year. Sources claimed that the Mutt has already obtained the no objection certificate in this regards from the state government.