Apollo to open 20 hospitals this year
Apollo Hospitals Group will set up 20 hospitals this year at a cost of Rs 1,800 crore, its chairman, Dr Prathap C Reddy, told Hindustan Times.business Updated: Mar 09, 2010 22:38 IST
Apollo Hospitals Group will set up 20 hospitals this year at a cost of Rs 1,800 crore, its chairman, Dr Prathap C Reddy, told Hindustan Times.
“In addition to this, we will be setting up a Global Health City with an initial investment of Rs 1,000 crore, which will be doubled to Rs 2,000 crore as the project grows,” said Dr Reddy.
The Group has shortlisted three locations — Lavasa, Bangalore and Hyderabad — for setting up the Global Health City, and it will take a decision within two months, Reddy said.
“The Global Health City will be one of its kind and will have hospitals, medical colleges, training institutes, wellness and preventive care facilities.”
The plan to open 20 hospitals includes the launch of three hospitals in the next one month.
Dr Reddy said, “On March 20, we will be opening a state-of-the art cancer hospital in Hyderabad followed by another cancer hospital on March 22 in Kolkata. On April 2, we will open a super specialty hospital in Secunderabad.”
Speaking about the fund raising plans, Sunita Reddy, Executive Director, Finance, Apollo Hospitals, said, “The upcoming hospitals would add another 2,500 beds. A part of the funds required, that is
Rs 600 crore, has already been raised thorough equity; another Rs 250 crore has come through IFC, while the promoters have brought in Rs 160 crore.
The balance funding will be worked out in the coming months. We are looking at different options such as debt, convertible bonds and private equity.”