BUSINESS

Apollo Hospitals to invest Rs. 350 cr.

NEW DELHI: The Chennai-based Apollo Hospitals Group on Monday said it would invest Rs. 350 crore to add 1,800 beds in the next 18 months through acquisitions and creation of greenfield facilities.

"There is a plan for adding 800 beds through management of hospitals and another 1,000 beds from ownership in the next 18 months,'' Apollo Hospitals Group Director, Finance, Suneeta Reddy, told reporters here on the sidelines of India Health Summit organised by the Confederation of Indian Industry (CII) and Indian Healthcare Foundation. She said the expansion would be through acquisitions and creation of greenfield facilities.

The new hospitals were planned nationwide and the Indian Market Research Bureau (IMRB) had been commissioned for a study by the group on various locations for existing and new facilities for capacities and feasibility. She said the investments would be deployment of the $75 million fund, which the group had raised through the issue of global depository receipts (GDRs).

"We have a board meeting on November 24 which will decide the modalities of investments,'' she said adding that as planned the group expected an investment of around Rs. 50 lakh per bed on tertiary facilities and Rs. 25 lakh per bed in secondary healthcare centres.

With the planned new addition of 1,800 beds, Apollo Group's total capacity would touch 8,200 beds against the current 6,400 beds, she added. — PTI