IHH Health­care to exit from Apollo Gle­nea­gles Hos­pi­tals

BioSpectrum (India) - - FINANCE NEWS -

Malaysian hos­pi­tal chain IHH Health­care, which won the bid for debt-rid­den For­tis Health­care, will sell its 50 per cent stake in Apollo Gle­nea­gles Hos­pi­tals in Kolkata and its ra­di­ol­ogy cen­tre in Hyderabad to its joint ven­ture part­ner, to abide with a non-com­pete agree­ment.

Apollo Gle­nea­gles is a joint ven­ture be­tween Apollo Hos­pi­tals and Park­way Pan­tai, a sub­sidiary of IHH. Apollo has be­gun to raise re­sources to fund the ac­qui­si­tion of IHH’s stake. The com­pany is in ad­vanced talks to sell unit Apollo Mu­nich Health In­sur­ance to HDFC Ltd., the coun­try’s largest mort­gage lender, at a val­u­a­tion of Rs 1,000 crore.

Apollo Mu­nich is a joint ven­ture be­tween Chen­nai-based Apollo Hos­pi­tals pro­moted by Prathap C Reddy and his fam­ily and Mu­nich Re. It is the sec­ond-largest stand­alone health in­sur­ance provider in the coun­try, with a 1.08 per cent mar­ket share after Star Health, which was re­cently sold to a con­sor­tium of West­bridge Cap­i­tal, Madi­son Cap­i­tal and In­dia’s ace stock­bro­ker Rakesh Jhunjhunwala for Rs 6,500 crore.

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