Apollo in JV to set up hospital in Mauritius

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Hyderabad: The Apollo Group of Hospitals, one of the leading private healthcare providers in Asia, and BAI Medical Centre, a subsidiary of British American Investment (Mauritius), has announced their plans to set up a hospital in Mauritius. For the purpose, a joint venture (JV) company, British American Hospitals Enterprise (BAHEL) has been set up, which will have an investment of $70 million (2.79 billion). Announcing the JV, Prathap C. Reddy, chairman of Apollo Hospitals, said that this world-class facility was being set up with debt equity ratio of 1.25:1. Apollo is investing 26 percent in the equity in the JV. The Mauritius-based BAI Medical Centre will hold the rest. The construction of the facility, named Apollo Bramwell Hospital, Mauritius, is in progress and the project is expected to be operational by December 2008. Apart from investing in the JV, Apollo will also provide technical consultancy services during the project implementation stage. On completion of the project, Apollo will be responsible for the operation of the facility, which will provide for advanced healthcare with infrastructure and personnel across 50 specialties and super-specialties. "By partnering with Apollo, we aim to transform our region into a global healthcare hub," said Dawood Rawat, chairman of British American Investment. Apart from serving the tertiary healthcare needs of the local population, this joint venture will cater to the growing medical tourist population in Mauritius. "The Mauritius project is the first project where Apollo will be holding the equity," K. Ravichandran, senior general manager, projects, Apollo Group,said.