Apollo Hospitals is in advanced stages of discussions to acquire a majority stake in Bengaluru-based AyurVAID Hospitals, sources close to the development told Business Today.
The acquisition will help Apollo Hospitals, the largest hospital chain in the country, make a formal foray into ayurveda hospital business.
The deal is expected to close in two weeks.
Apollo Hospitals has not confirmed the development. An email query sent to AyurVAID's CEO Rajiv Vasudevan did not elicit a response till the time of publishing this report.
Apollo Hospitals had held talks with 120-year-old Kottakkal Arya Vaidya Sala in the past for deeper partnership, but the talks had collapsed on issues related to patents and testing.
AyurVAID Hospitals is a chain of ayurveda hospitals treating modern health problems. It operates nine hospitals and clinics across Kochi, Gurugram, Uttarakhand and Bangalore. The multi-specialty Ayurveda hospital offers treatments for a range of diseases including muscle/bone/joint disorders, lifestyle and metabolic disorders, skin conditions, mental health, gastrointestinal and respiratory disorders.
AyurVAID is the first Ayurveda hospital to be accredited by NABH (National Accreditation Board for Hospitals & Healthcare Providers), Quality Council of the country.
The public-listed Apollo Hospitals Enterprise Ltd. registered consolidated sales worth Rs 3577.15 crore for the quarter ended March 31, 2022, down 23.85 per cent from the same quarter in the previous year. The firm witnessed its consolidated profit after tax drop 46.3 per cent to Rs 90 crore in the January-March quarter. The company had recorded Rs 168 crore PAT in the same quarter of 2020-21 fiscal.
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