BackApollo Hospitals calls off venture with Yash Birla group
Apollo had entered into a partnership with the group in 2007 to develop two hospitals
Premium(Priyanka Parashar/Mint)
Chennai: Healthcare service provider Apollo Hospital Enterprises Ltd has called off a joint venture with the Yash Birla group to develop a project in Thane, near Mumbai.
The hospital chain said it was parting ways with the Mumbai-based group in an investor presentation. Apollo had entered into a partnership with the group in 2007 to develop two hospitals—one at Thane and the other at Nashik.
“Several factors can be attributed but essentially a lot of time was taken for approval," said Krishnan Akhileshwaran, Apollo’s group chief financial officer. Apollo Hospital had planned to invest ₹ 150 crore in the joint venture. The Nashik project had already been shelved some time back.
In another move, Apollo Hospital said it will invest ₹ 100 crore in its Lifeline Multi Speciality Hospital acquisition and rebrand it Apollo.
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