 "Apollo Hospitals has been investing big in infrastructure and bringing in advanced technologies such as Proton Therapy for cancer treatment, which has resulted in a higher debt")
Apollo Hospitals Enterprise (AHEL) is targeting to reduce its debt from over Rs 3,000 crore now to Rs 2,500 crore by the end of this financial year by using the funds from its stake sales in Apollo Munich Health Insurance to HDFC. Apollo Munich Health Insurance will be merged with HDFC general insurance arm HDFC Ergo.
Apollo promoters would use the money from the stake sale to reduce their pledged shares to around 35-40 per cent, said a senior official from the company.
Last week, mortgage lender Housing Development Finance Corporation (HDFC) had signed an agreement with Apollo Hospitals Group to acquire
