The Hindu Business Line : Apollo to invest Rs 400 cr in new projects

Chennai March 10 Apollo Hospitals Enterprise Ltd intends to invest Rs 400 crore over the next two years in new projects. The company has Rs 160 crore of internal resources and intends to raise $50 million (Rs 220 crore) of debt abroad, the company's Director-Finance, Ms Suneeta Reddy, told the press here on Saturday.

The new projects include two hospitals in Chennai, one each in Visakhapatnam and Hyderabad, and one in Bhubhaneshwar.

Hospitals abroad

In addition to these, Apollo is also scouting for opportunities to manage hospitals. All this is apart from 10 consultancy projects for, as many hospital constructions abroad, which eventually would be managed by Apollo, Ms Reddy said.

These hospitals, which include two in the Caribbean, two in Nigeria, one in Kuwait and the rest in the SAARC region, are being put up by investors in those countries — Apollo would provide consultancy in constructing them and later operate them under the `Apollo' brand. Investments in these projects are about $300 million, Mr Y.V. Raghava Rao, Senior General Manager of Apollo Hospitals, said.

Currently, he said Apollo owned 4,143 beds across 26 properties and managed another 3,100 beds across 22 properties, of which four were abroad. The company plans to add another 2,200 beds, of which 800 will be in India and the rest will be managed abroad.

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