Apollo plans Rs 300 cr investments in '07
The Chennai-based healthcare giant says it will set up four new hospitals so as to add 2,000 beds by 2008.india Updated: Sep 13, 2006 15:57 IST
Chennai-based healthcare giant Apollo on Wednesday said it will invest Rs 300 crore in the current fiscal to set up four new hospitals, in line with its plans to add 2,000 beds in the next two years.
"The group would invest Rs 300 crore to open four new hospitals in Bhubaneswar, Mysore, Visakhapatnam and Bangalore and would add 1,000 new beds in the current fiscal," Apollo Group Executive Director (Finance and International Projects) Suneeta Reddy told reporters on the sidelines of the Indo-US economic summit in Chennai.
The company, which clocked a turnover of Rs 700 crore in the previous fiscal, is expecting to touch a turnover of Rs 900 crore this fiscal with the addition of 1,000 beds, she said.
Apollo would add another 1,000 beds in the next fiscal to add a total of 2,000 beds in two years.
The new hospitals to be set up this fiscal would initially be higher secondary healthcare facilities, which could be converted to tertiary facilities, she said.
"We would invest in growing cities where the demand for such hospitals is increasing," Reddy said, adding that the company would also undertake a capacity expansion at its hospital in Delhi.
She said the company has already acquired land for the next phase of expansion, but did not mention the cities marked for expansion.