NMC groupNMC group

UAE ExchangeUAE Exchange

UAE ExchangeUAE Exchange

The plans that Dr Shetty, who is the managing director and CEO of the group, has for the growth of his group may sound too ambitious, but given the group's performance so far, nothing, it seems, is impossible for Shetty.

Besides the money exchange and speciality hospitals, the NMC Group's interests also include pharmaceutical production, hotels, IT and real estate.

While the UAE ExchangeUAE Exchange, with around 400 offices in 15 countries, is poised to grow its network to 600 within two years, the group is doing feasibility studies on the expansion of its hospital chain. In an exclusive interview with The Business Weekly's CL Jose, Shetty said he has plans to replicate his hospital models in other countries like India, Egypt, Turkey and Qatar where locals will be roped in to share ownership.

Excerpts:
Can you brief us about your diverse business interests, beginning with the hospital chain?
We have got around 10 healthcare facilities in all and these include two hospitals and one medical centre in Abu Dhabi, one hospital in Al Ain, two hospitals and one medical centre in Dubai, one family clinic on Shaikh Zayed Road, one medical centre in Sharjah and one medical centre in Musafah (Abu Dhabi). One hospital is under construction in Fujairah. The total bed capacity of the hospital network is about 500. My model has been to build medium-sized hospitals with 100-bed capacity.

Three years ago, your pharmaceutical venture Neopharma went on stream. How is it doing now?
Neopharma has already become a multinational company and one of the most respected such facilities in the region. We have already spent about Dh150 million on this project and we are on the verge of concluding a plan that envisages an additional investment of about Dh250 million on the expansion of Neopharma. We have tied up with India's Biocom headquartered in Bangalore. This will lead to the establishment of the region's first facility to develop life-saving biotech and biopharmaceutical products. I think Neopharma's foray into biotech will influence a fresh wave of new manufacturing technology. We are also going for nano technology for which we have signed a memorandum of understanding with Arkansas University.

Will these projects be fully owned by the NMC groupNMC group?

Being from India, don't you have plans to invest in your country's healthcare industry?
Yes, we have got much bigger plans for India. We are already on to an ambitious project, whereby each second tier city in India will see an NMC hospital unit being established. Our first hospital will be in Kochi, followed by Thiruvananthapuram and Calicut. We have plans to enter the booming health tourism sector as well. Our idea is to get one local partner in all these projects.

Coming to the financial services division, how many branches does the UAE ExchangeUAE Exchange have?
As of now, it 43 branches which will go up to around 50 within days and around 65 within months. Since we have no restriction on branches, we keep increasing the number.

What are your future plans for the UAE ExchangeUAE Exchange?

What sort of a number do you foresee within two years?
We will certainly cross 600 by that time. As you know, we grow at an annual rate of 40 per cent on the branch network as well as revenue. Now, we are not only into remittance, but also bill payment and credit card payment.

We are trying to get a bank licence in India as well, maybe after a year or two. We are the only Grade-2 exchange house in India and hence are entitled to repatriate money (rupee) from India for specified purposes like education.

© The Business Weekly 2007