Financial Daily from THE HINDU group of publications
Thursday, Aug 12, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 12, 2004 |
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New Projects Industry & Economy - Medical Institutions & Hospitals Apollo-Gleneagles to set up 2 more hospitals in India Our Bureau
Kolkata , Aug. 11 APOLLO-Gleneagles Hospitals Ltd, a 50:50 joint venture between Apollo Hospitals Ltd and Parkway Group of Singapore, has planned two more hospitals in the country. The group's first hospital is located here. Mr Joshua M. Goh, Director of Apollo-Gleneagles, told reporters on Wednesday that the joint venture will set up its second multi-disciplinary hospital in Mumbai and a third one in Bangalore. "Investment plans are being drawn up for the proposed hospitals after the feasibility study confirmed their business potential," Mr Goh said. The extension of the joint venture out of Kolkata will, however, take place first in Hyderabad in the form of a specialised facility for scanning to aid diagnosis in oncology and cardiology. PET Scan, a Rs 30-crore scanner, will be set up at Apollo Hospitals in Hyderabad shortly. The joint venture also eyes business opportunities overseas. West Asia and North Africa are now being considered for hospital projects. Preliminary scouting and talks are on, Mr Gohsaid . Dr Pratap C. Reddy, Chairman of the Apollo Group, said the proposed placement of about 5 per cent of Apollo Hospitals' stake with the Singapore Government's investment outfit - Temasek Capital - will yield around Rs 50 crore. "But more than the money, the proposed equity investment by Singapore would build a relationship with a brand well known in China, South-East Asia and the Far East. Their name in investment circles and our goodwill in health care may create opportunities in that part of the world," Dr Reddy said. The Apollo board will formally decide to place around 2.08 million shares to Temasek at Rs 246 each with a lock-in period of one year. Dr Reddy said that Apollo has set up an office in London as part of its initiatives to attract British patients to its hospitals in India under the insurance-linked Nation Health Scheme.
More Stories on : New Projects | Medical Institutions & Hospitals | Health
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