Apollo Hospitals enters NE with 51% stake in Assam Hospitals
03 Jun 2015
Healthcare major Apollo Hospitals Enterprise has acquired a 51-per cent stake in Assam Hospitals, for around Rs57.25 crore, to extend its presence to the north-eastern region.
"Apollo Hospitals Enterprise has entered into definitive agreements for the acquisition of a 51-per cent majority stake in Assam Hospitals Ltd which runs a 220-bed hospital in Guwahati," Apollo Hospitals said.
"The acquisition of Assam Hospitals Ltd that runs a hospital in Guwahati, would be for an overall consideration not exceeding Rs 57.25 crore", it added.
Post acquisition, Apollo Hospitals plans to upgrade as well as expand the capacity of existing facility to 300 beds and in coming years also plans to introduce new services, the healthcare provider said.
"In order to strengthen Apollo's position in the Northeast region, Apollo was on a lookout for acquisitions to grow inorganically and considers the acquisition as the right choice given its significant presence in the Northeast region," Apollo Hospitals managing director Suneeta Reddy said.
Apollo Hospitals, founded by Dr Prathap C Reddy in 1983, has grown into an internationally-recognised healtcare provider with hospitals in India, Sri Lanka, Bangladesh, Ghana, Nigeria, Mauritius, Qatar, Oman and Kuwait. Several hospitals of the group have received international healthcare accreditation by America-based Joint Commission International (JCI).
The group has pioneered telemedicine services in India, with a pilot project in 2000 in Pratap Reddy's home village, and is now the largest telemedicine provider in India with 71 centers.
Shares of Apollo Hospitals Enterprise on Tuesday closed at Rs1,206.25 on Bombay Stock Exchange (BSE), down 1.55 per cent from previous close.