Mainboard-listed Thakral Corporation has completed the acquisition of an additional 81.6% stake in a 21-acre mixed-use healthcare-led development in Gurugram, located just southwest of New Delhi in northern India, for $93.9 million.
Thakral announced in January that it had entered into agreements to raise its stake in TIL Investments, the entity that owns the Gurugram land, from 13.6% to 95.3%. The acquisition follows shareholders’ approval at an extraordinary general meeting held on April 30.
According to a May 28 announcement, the consideration of $93.9 million was settled through $50.0 million cash and the issuance of 24,217,108 new ordinary shares of Thakral at $1.8128 each, with the remaining 4.7% interest in TIL held by Platinum Healthcare.
Following the share issuance, Thakral’s issued share capital expands to 152.1 million shares. The issue price of $1.8128 represents a 10% premium to the volume-weighted average price of Thakral shares for the 20 market days preceding the signing of the sale and purchase agreements on Jan 23.
Thakral first acquired its 13.64% stake in the site in 2024. The increased ownership gives Thakral full strategic control over a 21-acre site with development potential of over 2.5 million sq ft in New Gurugram.
Gurugram is the primary office hub within Delhi National Capital Region (NCR), accounting for 62% of total office leasing in the region.
See also: Health & wealth: Thakral Corporation develops Gurugram
According to CBRE Research, Gurugram is India’s fastest-growing high-end luxury residential market, notching $3.36 billion in residential transactions in 2025.
The site will be developed in phases, beginning with a hospital and wellness centre. The hospital is planned to be operated by an experienced healthcare partner, with Thakral participating as landowner and rental income to be based on a share of revenue.
Thakral will not be responsible for running clinical operations. The residential component will be delivered with a third-party developer responsible for execution and sales, again on a revenue-sharing basis.
See also: India cuts bond tax, eases access for global funds to lift rupee
The model limits the group’s exposure to development and operational risk while retaining its share of revenue from the underlying land.
With the hospital as the anchor, a wellness centre is designed to complement the hospital and serve residents and working professionals in the wider Gurugram catchment, says Thakral.
“Together, the hospital and wellness centre will anchor the site, with subsequent residential and commercial phases drawing on the catchment built around them,” reads the announcement.
Inderbethal Singh Thakral, CEO and executive director of Thakral, says: “We are excited to play a meaningful role in Gurugram’s next phase of development, with a deliberate, multi-pronged approach across hospitals, wellness, residential and commercial uses on a single 21-acre site. India will become a strong growth engine in addition to our lifestyle business, Japan properties and existing investment portfolio, positioning Thakral for multi-year growth.”
Inderbethal spoke to City & Country earlier this year on Thakral’s plans for the development. Thakral expects the hospital to range from 600 to 900 beds. Inderbethal also suggests the facility could take years to fully ramp up, which is one reason the group sees this as a long-duration project rather than a near-term earnings event.
