Will partner British American; to pay $12 million
HYDERABAD: Apollo Hospitals and British American Investment Co will set up a joint venture in Mauritius to build and manage a 200-bed tertiary care for $700 million, Dr Pratap C Reddy, chairman, said.
Apollo will invest about $12 million to pick up the 26% equity in the new entity — British American Hospitals Enterprise Ltd (BAHEL); British American Investment will hold the remaining 74%.
The proposed project — Apollo Bramwell Mauritius — will be the biggest of its kind in the region and will also give a major fillip to medical tourism in the region apart from serving the 1.25 million people in Mauritius itself and nearby islands.
It will be a one-stop facility for advanced healthcare with infrastructure and personnel across 50 specialties and super-specialties, he said after announcing the project in Hyderabad.
The initial investment will be to the tune of $50 million with a debt equity ratio of 1. 25:1, he said.
Apollo Hospitals will provide the technical consultancy services during the project implementation stage. Once the project is completed Apollo Hospitals will be responsible for the operations of the facility.
Apollo already operates hospital projects in Dhaka, Colombo and Muscat. Projects in Yemen, Mongolia, Nigeria, the Netherlands Antiles and Riyadh are in various stages of completion, he added.
A project team is already in Nigeria to finalise the details of the new project which will be Apollo’s second one in the country, he said.
