Financial Daily from THE HINDU group of publications
Friday, Feb 24, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 24, 2006 |
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Corporate
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Announcements Industry & Economy - Medical Institutions & Hospitals PTL forays into healthcare — Artemis to set up 500-bed hospital in Gurgaon Our Bureau
HEALTHY MOVE: Mr Onkar S. Kanwar (right), Chairman, PTL Enterprises Ltd & CMD, Apollo Tyres Ltd, and Dr Kushagra Katariya, Executive Director, Artemis Health Sciences Pvt Ltd, at a press conference in the Capital on Thursday. - Ramesh Sharma
New Delhi , Feb. 23 The Onkar S. Kanwar-controlled PTL Enterprises Ltd has forayed into the healthcare segment with plans to set up hospitals, engage in research and development and manufacture medical devices. The first initiative of Artemis Health Sciences Pvt Ltd, a wholly owned subsidiary of PTL Enterprises, will involve setting up a 500-bed multi-speciality hospital in Gurgaon, in the National Capital Region. Mr Onkar S. Kanwar, Chairman and Managing Director, Apollo Tyres Ltd, told newspersonsthat a total investment of Rs 250 crore has been envisaged, of which about Rs 150 crore would be made in the first phase to be completed by May 2007. The company plans to expand to 25 more centres such as Ahmedabad, Greater Noida and Kanpur. An alternative medicine centre is also being planned in Kerala. Artemis will either undertake greenfield projects in these locations or acquire suitable existing medical facilities. The healthcare venture will also focus on R&D in basic science as well as clinical research. "India is a good destination for clinical research due to the cost advantages and the huge intellectual pool. We will be focusing on bio-informatics, genetic fingerprinting and Genome-Ayurveda among others," said Dr Kushagra Katariya, Executive Director, Artemis Healthcare. The company is also planning to manufacture high technology hospital consumables and is in talks with some of the international companies. On cards are plans to set an institute for medical training and education for nurses and paramedics. "A careful scan of the Indian business environment and gaps that we need to address to ensure consistent performance, showed that quality healthcare is an area of both opportunities and need," said Mr Kanwar.
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