UPDATE 1-Hinduja TMT plans health infra biz with Dubai World

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MUMBAI, Sept 24 (Reuters) - Hinduja TMT Ltd HTMT.BO will enter the healthcare infrastructure business in an equal joint venture with Dubai World with an initial investment of 1 billion rupees, Chairman A.P. Hinduja said on Monday.

"We see a lot of potential here and the group has a lot of expertise in the health segment," Hinduja told Reuters after a shareholders' meeting. This activity will start by next month, he added.

Under this initiative, the joint venture will set up healthcare facilities such as hospitals, research and diagnostic clinics and related infrastructure all over the country.

"With health tourism coming in we will have to create residential facilities, campuses so that overseas patients can come in with their families and have a pleasant stay," he said.

Dubai World is a holding entity that manages and supervises businesses and projects for the Dubai government.

The media distribution and content firm also sought shareholder approval to change its name to Hinduja Ventures Ltd, which will act as an incubating firm for various ventures.

"Whether it will become a holding company or not we will have to see," Hinduja said.

It has 5 billion rupees worth of free reserves which will be utilised in "half-a-dozen new ventures," including healthcare, he added.