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Apollo Hospitals drops Nasdaq plan to invest in IT forays
C Chitti Pantulu
HYDERABAD, MARCH 30: The Apollo Hospitals Group has dropped plans for a Nasdaq listing for now, for funding further expansion in bed capacities. "I do not need any more injection of money into my hospitals. No more investments into brick and mortar in the future, only click and mortar," Group chairman Pratap C Reddy told The Financial Express. There are enough internal accruals and adequate external resources have already been raised to fund the 1,500 bed addition over the next three years, the healthcare pioneer said in an exclusive interview stating he was now looking at only managing already planned hospitals.However, the group was seriously looking at significant participation in the insurance industry now that the government has opened up the sector, he said. Though a fund of Rs 20 crore has already been earmarked for insurance activity the foray would be limited to third party administration of health insurance leveraging its massive network of group hospitals, upto 1500 referral hospitals and thousands of doctors, he said. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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