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P.T. Jyothi Datta

Mumbai, March 11

REAL estate costs have always been a nightmare in Mumbai, especially for companies with retail plans. But in a second coming of sorts, `The Apollo Clinic', a retail network of clinics from the Apollo Hospitals Group (AHG), expects to set shop here in six months.

With 33 franchisees in the India and one in Doha, Mumbai had been a difficult nut to crack for the estimated Rs 60-crore Apollo Health and Lifestyle Ltd (AHLL). A wholly-owned subsidiary of the Group, AHLL is setting up these clinics across the country. Mumbai did have a clinic from the Apollo Group, but that was merged with the parent company in 2001.

"Mumbai will have its first clinic in about six months, we have also tied up for four more clinics here, besides two in Pune," Mr Ratan Jalan, AHLL's Chief Executive Officer told Business Line.

Mr Jalan was in the city to sign a memorandum of understanding with State Bank of India for term loans to AHLL franchisees across the country. "It is just one more step that we are taking to achieve economies of scale. In the past, our franchisees did approach banks, but some of them get loans at 10 per cent interest. SBI has offered to give our franchisees loans at 8.5 per cent interest, lesser processing fees and shorter processing time of 10 days," he said.

He felt that the SBI tie-up would help AHLL to expand its reach in the country. In the last two-and-a-half years The Apollo Clinics have seen about three lakh customers, Mr Jalan said.

SBI will offer rate of interest on the term loans to the prospective Apollo franchisees with a maximum 66 per cent on the project cost and 75 per cent on the working capital requirement, said an AHLL note quoting Mr J. Chandrasekaran, SBI's General Manager, SME-Business Unit.

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