Apollo Health and Lifestyle, a subsidiary of Apollo Hospitals Enterprise, has acquired Nova Specialty Hospitals.
The deal estimated at about ₹135-145 crore subject to final closure brings Nova Specialty’s chain of 11 short stay surgery centres spread across eight cities under the Apollo Health fold, according to an announcement by Apollo Hospitals on the BSE.
Following the acquisition the chain will come under the Apollo brand and adds to the net work of 45 modular OTs, 350 patient beds providing in patient and out patient facilities.
The combined turnover will be about ₹ 115 - 125 crore for the year ending March 2015 and Apollo expects to break even in two years.
Apollo will introduce preventive health checks and sugar clinics in the new centres, the statement said.
PTI reports : Commenting on the acquisition, Apollo Hospital Enterprises Joint Managing Director Sangita Reddy said: “Apollo Health and Lifestyle Ltd (AHLL) is currently present in the secondary care segment through the Day Surgery and Cradle formats.
“Given the immense potential and the need for quality healthcare delivery closer to the home, this acquisition will enable AHLL to expand its footprint.”
Reddy further said: “This acquisition will also mark the entry of Apollo in new markets such as Mumbai, Jaipur and Kanpur."
On future growth targets, AHLL CEO Neeraj Garg said: “AHLL is aiming to create a business of Rs 500 crore in five years in the space of multi-speciality short-stay/ day surgery centres.”