Apollo Hospitals has acquired fifty per cent stake in a Lucknow-based 330-bed super speciality hospital project for a consideration of Rs 91 crore.
It would help the Chennai-based healthcare major to strengthen its position in Uttar Pradesh, said Apollo Hospitals Enterprise.
The project is spread across 3.5 lakh square feet area in Lucknow and likely to be commissioned by the third quarter of the current financial year.
“The acquisition of the 50 per cent equity stake is through a primary issuance of shares by Medics for a consideration of Rs 91 crore which would be utilised towards hospital commissioning and related expenses,” added Apollo Hospitals.
“In order to strengthen Apollo’s position in the UP region, Apollo was on the lookout for acquisitions to grow inorganically and considers the acquisition as the right choice given the promoters background and expertise in healthcare services in Lucknow.”, said Apollo Hospitals Managing Director Suneeta Reddy.