Apollo Hospitals to borrow funds for its Reach Hospital project

Apollo Hospitals Enterprises Ltd (AHEL) is likely to borrow $50 million (around Rs 250 crore) from the International Finance Corporation (IFC) to fund its Phase I Reach Hospitals project which is estimated to cost Rs 1,000 crore. AHEL has floated a wholly-owned subsidiary, Apollo Reach Hospitals for the project.

The hospitals project aimed at serving poor and needy in the tier-II and tier-III cities across India at an affordable cost is a part of the Union Government's efforts to provide quality healthcare for people living in semi-urban and rural areas. AHEL is planning to set up 25 such hospitals of which three hospitals at Karimnagar, Kakinada in Andhra Pradesh and Karur in Tamil Nadu have already been launched. Each Reach Hospital to have a bed size ranging between 100 and 150 and is expected to be completed within 24 months.

Besides, plans are afoot to set up more such hospitals in Andhra Pradesh and Tamil Nadu and other states in Phase II.


Source  : ProjectsToday

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