Financial Daily from THE HINDU group of publications
Saturday, Nov 09, 2002
Financial Daily from THE HINDU group of publications Saturday, Nov 09, 2002 |
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Announcements Industry & Economy - Medical Institutions & Hospitals Apollo Hospitals, Parkway venture takes off Our Bureau
KOLKATA, Nov. 8 THE Rs 210-crore 50:50 hospital joint venture project between Apollo Hospitals Group and Singapore-based Parkway Group has finally taken off. The multi-speciality hospital located here today announced that it would conduct its first open heart surgery on Saturday. The hospital was rechristened Apollo Gleneagles Hospital, as early this financial year the Apollo group replaced the Duncan Group of Mr G.P. Goenka in the joint venture. Dr Prathap C. Reddy, Chairman of the Apollo hospital group, told Business Line that the total equity of the joint venture now stood at Rs 78 crore. Further, the joint venture partners had pumped in Rs 20 crore as loans. The balance Rs 112 crore came from borrowings, including Rs 70 crore from UTI Bank. According to Mr Joshua Goh Meng Ngee, Director of Parkway Group Healthcare, the hospital is expected to earn a profit in the 2003-04 fiscal. "Parkway, like Apollo, is an investor-owned company and we are looking for a net profit of 20 to 25 per cent,'' Mr Ngee said. The hospital, which plans to have a total of 325 beds, currently has little over 200. By February 2003, the remaining beds are scheduled to be in place. Dr Reddy said the hospital would be positioned as the eastern and north-eastern regional speciality hospital. "We also expect patient flow from the neighbouring countries of Bangladesh, Nepal, Bhutan and Myanmar,'' Dr Reddy said. The key feature of the hospital will be 50 medical specialities, seven operation theatres, 20 ICU/ITU beds, round the clock emergency care and pharmacy as also preventive health care checks. Dr Reddy said the Apollo group would set up two more clinics in the city shortly. The group has planned to establish 250 lifestyle clinics all over the country by 2004.
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