Apollo completes 51% stake acquisition in Assam Hospitals

New Delhi: Apollo Hospitals said it has completed acquisition of majority stake in Guwahati-based Assam Hospitals.

"We have now completed the acquisition of a 51 per cent majority stake in Assam Hospitals, Guwahati," Apollo Hospitals Enterprise said in a regulatory filing.

The Chennai-based health care major had last year announced to acquire a majority stake in Assam Hospitals for a cash consideration of up to Rs 57.25 crore.

"The objective of the acquisition is to strengthen Apollo Hospitals' leadership position in the hospital space as well as enhance its presence in the North Eastern region where it already has a strong brand equity," Apollo Hospitals said.

Assam Hospitals was incorporated in 1997 and commenced operations in 1999. It currently runs a 220 bed hospital facility. It recorded a turnover of Rs 83.1 crore for the year ended March 2015.