Our Bureau, Mumbai Apollo Hospitals is likely to take up an equity stake in Baroda based, Mayo Hospital. This 300-bed hospital had downed shutters last year due to mounting operational losses.
Discussions are on regarding the modalities of the agreement between the two.
According to the sources, Apollo Hospitals will initially pump in Rs 2 crore out of the proposed amount of Rs 10 crore to revive the Mayo hospital project. And there is also a possibility of Apollo acquiring the management control of Mayo Hospital. This 150-bed hospital was considered to be one of the best hospitals in the western part of the country in mid 90s. The hospital used to perform over 2,000 bypass surgery when it was open The existing management also is likely to invest funds to put the project back on the rails. Currently, the Mankodi family has 35 percent equity in the project, while financial institutions led by IFCI have 15 percent participation in the project.