Apollo buys stake in Assam Hospitals
Apollo Hospitals buys 51% stake in Guwahati-based Assam Hospitals Ltd for `57.25 crore
Chennai: Chennai-based Apollo Hospitals Enterprise Ltd on Tuesday said it has agreed to buy 51% stake in Guwahati-based Assam Hospitals Ltd for ₹ 57.25 crore.
Assam Hospitals has a profitable 220-bed hospital in Guwahati. In a statement, Apollo Hospitals said it will upgrade and expand the capacity of the hospital to 300 beds. In the coming years, Apollo will introduce new services and offerings “built on its deep domain expertise," it said.
The hospital, situated on the Guwahati-Shillong Road, was started as a 50-bed facility in 2000. Currently, it has an occupancy level of over 80%. The promoters of Apollo Hospital decided to bring in a strategic partner to add value and strengthen its position in the northeast region, the statement said.
“In order to strengthen Apollo’s position in the Northeast region, Apollo was on the lookout for acquisitions to grow inorganically and considers the acquisition as the right choice given its significant presence in the Northeast region," Suneeta Reddy, managing director of the company said in the statement.
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