Apollo to decide on foreign partner for wellness biz in 3 mths

Healthcare chain Apollo Hospitals will finalise one of the three potential international entities shortlisted to be a partner for its unit, Apollo Wellness, in the ongoing quarter.

"We are close to making a decision...We are looking at three people (entities) and will be finalising one in the next three months," Apollo Hospitals chairman Dr Prathap C Reddy told PTI.

He, however, declined to identify the shortlisted international parties.

Apollo Wellness operates health centres that combine alternative healing practices such as aromatherapy with traditional wellness formats, including pranic healing, yoga and meditation.
    
The Chennai-based group's plans to bring in a foreign partner comes on the heels of its decision to expand the wellness centre beyond its existing facility in the southern city.
    
It is planning a second centre in Lavasa, near Pune, where Apollo Hospitals has a 200-acre land bank. Besides this, the group is understood to be mulling over a similar centre at Hyderabad, where the group is planning its Health City project.
    
Asked to comment on the group's overseas plans for this fiscal, Reddy said: "Our international division is examining all of this...But won't be investing this year."
    
It, however, is keeping a keen eye on Sri Lanka, from where it had to exit four years ago, after failing to stave off a hostile takeover by a local tycoon.
    
"Let us see how can they (Sri Lanka) give it back to us...They have their own difficulties," Reddy said.
    
In 2006, Apollo Hospitals decided to sell its 30 per cent stake in Lanka Hospital Corporation -- owners of Apollo Sri Lanka -- to the Harry Jayawardena-owned Sri Lanka Insurance Corporation, which launched a hostile takeover bid for control over the hospital.
    
Apollo was forced to take the step after two other minority shareholders -- Sino-Lanka, with 3 per cent stake, and key Apollo promoter in Sri Lanka R Navaratnamm, with 5 per cent stake -- also sold out to the insurance company.