Apollo in talks with Parkway Holdings for alliance
"We are now talking to them (Parkway) on what is the final plan," Apollo Group chairman Pratap Reddy said in Hyderabad on the sidelines of the 2nd Annual Conference of Global Physicians of Indian Origins.business Updated: Jan 04, 2012 21:06 IST
Apollo Hospitals is in talks with Parkway Holdings, a Singapore-based hospital operator, on a prospective tie-up to expand in the Indian sub-continent, Middle East and Africa, Apollo Group chairman Pratap Reddy said in Hyderabad on Wednesday.
"We are now talking to them (Parkway) on what is the final plan," Reddy told reporters on the sidelines of the 2nd Annual Conference of Global Physicians of Indian Origins (GAPIO).
"The final term is not money. The final term is that what is the role that each would play, because Parkway is an excellent organisation. Apollo is known for giving quality healthcare," he said.
"What they believe is if Apollo is joins them, it could cover the Indian subcontinent and also grow in the Mena (Middle East and North Africa) region and African region and some parts of Europe. So there is a plan," he added.
Reddy, however, declined to elaborate further on the tie-up, saying the discussions would hopefully be concluded in the next few weeks and the future roadmap ironed out.
Malaysian sovereign wealth fund Khazanah Nasional bought Parkway in July, 2010, for USD 2.56 billion and paid Rs 470 crore for a minority stake in Apollo Hospitals.
Replying to a query on a possible tie-up with US-based Mayo Clinics, Reddy said Apollo Group is talking to different groups for tie-ups and the discussions may come to an end in a few weeks' time.
Mayo Clinic is a not-for-profit organisation that runs a number of clinics, hospitals and medical research facilities and schools in different parts of the USA.
The GMR Group, which runs Hyderabad International Airport, is reportedly in talks with potential partners including Apollo Hospitals Group and Mayo Clinic to set up a large hospital project at the airport.
Addressing a press conference on GAPIO, Reddy said according to estimates, more than 1.2 million Indian-origin physicians are actively rendering services across the world, including India, and of them, 1.25 lakh work in the USA, UK and Canada.
"Establishing GAPIO itself... is bound to influence the coming days. The moment has come for Indian doctors to take a lead in shaping the contours of the global health scenario," Reddy said.