Chennai-headquartered hospital chain Apollo Hospitals has announced plans to acquire a majority stake (51 per cent) in Assam Hospitals, a Guwahati-based stand-alone hospital, for ₹57.25 crore.

A press release from Apollo Hospitals says Assam Hospitals runs a 220-bed “profitable hospital” in Guwahati, with an occupancy level of over 80 per cent.

The facility will be further upgraded and expanded to accommodate another 80 beds to become a 300-bed hospital.

It has entered into a definitive agreement with Assam Hospitals and due diligence is on.

This will further strengthen Apollo’s presence in this region, where “we have strong brand equity”, the release has said.

Quoting Suneetha Reddy, Managing Director, Apollo Hospitals, the release says, “We have been on the look-out for acquisitions to grow inorganically in this region, and consider this as the right choice given its significant presence in the region.”

Apollo Hospitals currently has 8,488 beds across 51 hospitals, 1,586 pharmacies, 92 primary care and diagnostic clinics, and 100 telemedicine units across 10 countries.

For the year 2014-15, it reported 4.8 per cent growth in net profit at ₹346 crore against ₹330 crore reported in the previous year.

The revenues for the year grew 19 per cent to ₹4,592 crore, from ₹3,861 crore in 2013-14.

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