Peerless has acquired a 100-bed hospital in Barasat to expand its healthcare vertical, which has emerged as the key driver of growth for the 92-year-old organisation.

The acquisition is in addition to the ₹500 crore ongoing expansion, focusing on oncology and organ transplant, at the group’s flagship hospital on EM Bypass, which is expected to be complete by April 2026.

“Healthcare is one of the most important focus areas of the group. Among the consumer-facing businesses, healthcare is getting the most importance,” said Partha Bhattacharyya, chairman, Peerless General Finance & Investment Company Limited (PGFICL).

Healthcare is the largest business vertical and subsidiary by revenue for PGFICL, which has hospitality and real estate as other key businesses.

“We are moving ahead with an investment of ₹500 crore each in our hospital expansion on oncology and in a new real estate project. The hospital project is on track and is planned for launch on Poila Boishakh 2026. It will take our bed strength to 670. We have sold off our retail lending business loan book to ensure that we focus on areas where we can scale up. We are also strengthening our middle management,” said Jayanta Roy, MD, PGFICL, after Wednesday’s AGM.

He added that the company will launch the mixed use real estate project having 5.5 lakh square foot of built-up space during this fiscal.

“The company has seen improvement in both revenue and profit in 2023-24,” said Supriyo Sinha, director, business transformation and corporate strategy, PGFICL.

While revenue was ₹961 crore, largely on account of the financial closure of a realty project, profit before tax was ₹274 crore. Revenue and PAT was ₹651 crore and ₹212 crore, respectively, a year ago.

“We are working towards building the 21st century Peerless and we are on the right track,” Roy said.