Apollo to invest Rs 250 cr for hospital at Navi Mumbai

New Delhi: Healthcare service provider Apollo Hospitals Ltd today said it will invest Rs 250 crore to set up a 400-bed hospital at Navi Mumbai in Maharashtra.

The company has also entered into a 50:50 joint venture (JV) with Yash Birla Group to set up two new hospitals with 250 beds capacity each at Thane and Nasik (Maharashtra).

'We will invest Rs 250 crore on a new hospital in Navi Mumbai. Besides, we will also set up additional two new hospitals in collaboration with the Yash Birla Group,' Apollo Hospitals Group Chairman Prathap C Reddy told reporters on the sidelines of a CII life Sciences Summit.

He said the Navi Mumbai facility would be spread over 3.5 acres of land, while Yash Birla Group owns the land for Thane and Nasik projects.

The firm would fund the projects primarily through internal accruals and would also utilise a part of the recently raised 100 million dollars through private placement to Apax Partners.

Apax Partners had picked up 11 per cent stake in the Apollo Hospitals Group for 100 million dollars.

Apollo Hospitals is also looking at a JV agreement with a Mauritius-based company for a 46-million dollar hospital project.

The company would hold 26 per cent stake in the proposed JV while the Mauritius-based firm would hold the remaining 74 per cent.