Apollo Health in talks with three PE firms to offload stake for Rs 500 cr

Firm had, in October 2015, announced intent to dilute 20% stake to raise Rs 500 cr to expand its network pan-India

Apollo Hospitals Enterprise Limited's retail healthcare subsidiary, Apollo Health & Lifestyle Limited (AHLL), is currently in talks with three private equity (PEs) players to raise funds through equity dilution, according to its chief executive officer Neeraj Garg.

AHLL had, in October 2015, announced its intent to dilute about 20 per cent stake to raise over Rs 500 crore to expand its network pan-India.

"We have already received expressions of interest (EoIs) from various PE firms, of which we have shortlisted three. We are now in advanced stages of conversation with them, and hope to close the process by the end of March," he told mediapersons here on Monday.

Apollo Diagnostics, a division of AHLL, today inaugurated its lab and patient care centre in Hyderabad. Equipped with high-end technology and operational round the clock, the new-generation lab will also serve as a referral hub for other diagnostic centres under its fold.

While Apollo Diagnostics has 14 labs and 80 patient care centres nationally, it plans to increase these to 200 labs and 1,000 patient care centres over the next five years with an investment of Rs 150 crore, the company said.