India-based Apollo Hospitals’ family is reportedly considering selling its assets in a bid to bring down long-term debt.
A report by Bloomberg said that the announcement came from the family that controls the private hospital chain Apollo Hospitals Enterprise and owns around 34% of the stock.
In an interview with Bloomberg, Apollo Hospitals managing director Suneeta Reddy was quoted as saying: “The idea is to do something that’s good for all shareholders of Apollo. If it means reducing our pledge, we are committed to doing that.
“We will see what the family can do.”
The assets that could be put up for sale include a chain of 13 nursing colleges and two medical colleges, reported the publication.
The family is also looking at bringing in an outside investor directly into its holding firm PCR Investments to reduce debt.
Declining to further provide details Reddy was further quoted by the publication as saying that “people are talking to us”, and added, “It will be long term.”
The family also divested its share in a health insurance venture with Munich Re Group.
Apollo Hospitals was established in 1983 by Dr Prathap C Reddy. The corporate hospital provides integrated healthcare services and is based in Chennai, India.
It includes Hospitals, Pharmacies, Primary Care & Diagnostic Clinics and several retail health models.