Indian healthcare provider takes over Pankaj Apollo Hospital
Moolchand Healthcare in Delhi, India, has completed the acquisition of Pankaj Apollo Hospital in Agra.
The Delhi-based healthcare provider expects to invest Rs750m ($13.68m) to expand the existing hospital to a 300-bed facility, according to PTI.
The acquisition, which is in line with Moolchand's Rs5bn ($91.23m) expansion plan, allows the company to expand its footprint to cover Western Uttar Pradesh, India.
Moolchand Healthcare managing director Vibhu Talwar was quoted by the news agency as saying that the acquisition provides Moolchand with an early mover advantage as leading hospital groups are largely absent from the Agra market.
"Many of our leading clinicians will now also be available at Moolchand Agra. In phase one, over the next 18 months, we expect to expand the hospital to provide a comprehensive cancer institute," Talwar added.
"Our total capital commitment towards this project is Rs 75 crore."
Pankaj Apollo Hospital is a 200-bed super speciality facility, poised to deliver advanced tertiary care of international standards to the people of Agra and the entire region.