Financial Daily from THE HINDU group of publications
Friday, Sep 19, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 19, 2003 |
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Corporate
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Outlook Apollo plans to generate more overseas business Our Bureau
Chennai , Sept. 18 APOLLO Hospitals plans to generate more overseas business in future. The company is working towards managing hospitals abroad as well as treating more overseas patients here. On the occasion of the 20th anniversary of Apollo's Chennai hospital on Thursday, Dr Prathap C. Reddy, Executive Chairman, said the company had successfully bid to assist in the establishment of a $ 160-million super speciality hospital in Malaysia. The hospital project has been commissioned by Petronas, the Malaysian oil company. Apollo has also bid to be one of the overseas healthcare providers to the UK National Health Service. Dr Reddy added that authorities in the city of Abu Dhabi, United Arab Emirates, wish to rope in the Apollo group to better healthcare standards there. "Healthcare could become one of the country's biggest foreign exchange earners," said Dr Reddy. Apollo would assist Petronas with the design and related aspects of the hospital that is expected to be completed in 18 months. Subsequently, Apollo hopes to manage the hospital for a fee. Among other initiatives driven by overseas demand is a health cover policy for NRIs at an annual cost of $ 400. The scheme would fall outside the purview of the Indian insurance regulator because it is aimed at overseas residents, said Dr Reddy. Apollo currently manages about 6,200 hospital beds. The company is the third largest private healthcare provider in the world, and aims to become the second largest over the next five years, said Ms Sangita Reddy, Director, Operations. The second largest healthcare provider, Tenet Healthcare, US, currently manages about 19,000 beds. The company registered a profit after tax of Rs 27.4 crore on an income of Rs 449 crore in 2002-03.
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