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Apollo Hospitals enters Lucknow with acquisition of a 50% stake in Medics International Lifesciences’ 330 bedded super-speciality hospital project

by Suman Gupta

July , 2018, National: Apollo Hospital Enterprise Ltd. (BSE: 508869 / NSE: APOLLOHOSP), India’s first multi-speciality chain of hospitals today announced that the company has acquired a 50% stake in Medics International Lifesciences Ltd. (‘Medics’), a 330 bedded super-speciality hospital in Lucknow. The Apollo Medics Super Speciality Hospital would strengthen Apollo Hospitals’ leadership position in the hospital space as well as enhance its presence in the state of Uttar Pradesh where it already has a strong brand equity. Apollo Medics Super Speciality Hospital is expected to be commissioned by the third quarter of the current financial year. The acquisition of the 50% equity stake is through a primary issuance of shares by Medics for a consideration of Rs.910 million which would be utilised towards hospital commissioning and related expenses. The transaction was facilitated by Advay Capital Advisors as investment bankers.

Medics Super Speciality Hospital,  founded and promoted by Dr. Sushil Gattani, one of the leading cardiologists in Uttar Pradesh; Dr. Mayank Somani, a highly accomplished Senior Physician and Critical care medicine expert; Dr. Kavita Somani, a leading histopathologist in the state, Mr. J. P.Dhoot and other individuals, is located in the heart of Lucknow and is spread over a 3,50,000 sq. feet area. The Apollo Medics Super Speciality Hospital will provide quaternary care with world class infrastructure offering round the clock diagnostic, curative, preventive and rehabilitative care across specialities through Centres of Excellence in Cardiac Sciences, Oncology (Cancer Care), Neuro Sciences, Gastro Sciences, Renal Sciences, Orthopaedics, Obstetrics & Gynaecology, Critical Care and 24X7 Trauma Care. Apollo Hospitals will utilise its expertise to introduce new services and offerings built on its deep domain expertise.

Ms. Suneeta Reddy, Managing Director, Apollo Hospitals Enterprise Ltd. said, “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. We expect to leverage on our proven track record of performance and operational capabilities to drive growth and profitability at Medics and create long term value for the shareholders.”

Lucknow is an important market for healthcare services, but despite the inherent potential, it is estimated that the Lucknow district population of around 5.1 million has a significant shortfall of around 2,000 hospital beds. Dr. Sushil Gattani, Founder & Chairman, Medics Super Speciality Hospital said, “We believe that this strategic partnership with Apollo will add value and strengthen Medics position in the state of Uttar Pradesh. There is a significant opportunity for growth in multi-specialty hospitals, with availability of quality consultants from the many premier educational health institutes like SGPGI. In addition, there is potential to develop Lucknow as a cost effective Medical Value Travel destination, with direct flights to Middle East and South Asia  every day. Lucknow already attracts around 5-8% of its patients from Nepal.”

ABOUT APOLLO HOSPITALS : It was in 1983, that Dr. Prathap C Reddy made a pioneering endeavour by launching India’s first corporate hospital – Apollo Hospitals in Chennai. Over the years Apollo Hospitals has established itself as home to the largest cardiac practice in India with over 160,000 cardiac surgeries. Apollo Hospitals is also the world’s largest private cancer care provider and runs the world’s leading solid organ transplant program.

As Asia’s largest and most trusted healthcare group, its presence includes 9,215 beds across 64 Hospitals, 2,500 Pharmacies, over 90 Primary Care and Diagnostic Clinics, 110  plus Telemedicine Centres and 80 plus Apollo Munich Insurance branches spanning   the length and breadth of the Country.

As an integrated healthcare service provider with Health Insurance services, Global Projects Consultancy capability, over 15 medical education centres and a Research Foundation with a focus on global Clinical Trials, epidemiological studies, stem cell & genetic research Apollo Hospitals has been at the forefront of new medical breakthroughs with the most recent investment being that of commissioning the first Proton Therapy Center across Asia, Africa and Australia in Chennai, India. Every four days, the Apollo Hospitals Group touches a million lives, in its mission to bring healthcare of International standards within the reach of every individual.

In a rare honour, the Government of India issued a commemorative stamp in recognition of Apollo’s contribution, the first for a healthcare organization. Apollo Hospitals Chairman, Dr. Prathap C. Reddy, was conferred with the prestigious Padma Vibhushan in 2010. For more than 30 years, the Apollo Hospitals Group has continuously excelled and maintained leadership in medical innovation, world-class clinical services and cutting-edge technology. Our hospitals are consistently ranked amongst the best hospitals globally for advanced medical services and research.

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