Apollo Hospital eyes US acquisition, gives up UK plans
Apollo Hospital Enterprises has said it is in advance talks with two US firms for a possible takeover as part of its plans to expand in medical business process outsourcing.business Updated: Aug 09, 2007 13:32 IST
Healthcare chain Apollo Hospital Enterprises has said it is in advance talks with two US firms for a possible takeover as part of its plans to expand in medical business process outsourcing.
"Hopefully, things would be finalised in next 3-4 days," Apollo Hospital Enterprises Chairman Prathap C Reddy told PTI.
When asked about the shortlisted companies, he declined to name them, but said talks were at an advance stage.
If the deal goes through, it would be a shot in the arm for Apollo Health Street, which provides services like processing of receipts and collection of dues to healthcare companies. The deal is also expected to give Apollo Hospitals access to more clients in the US.
About its plans to acquire hospital chains in the UK, Reddy said the company has dumped the idea as it found the prices quoted to be very high.
Apollo shares are trading at Rs 511.90, down 0.03 per cent on BSE.
Yesterday, the group had entered health insurance segment through a joint venture (JV) with Germany-based DKV AG to form an entity Apollo DKV Insurance Company for a total investment of Rs 108 crore.
DKV AG would have a 26 per cent stake in the newly-formed company while Apollo would own 74 per cent.
The JV initially propose to offer a comprehensive range of products covering in-patient hospitalisation, critical illness, overseas travel and health and personal accident.
The company would operate as a stand-alone health insurer.