Talking to Business Standard, Prathap C Reddy, chairman of Apollo Hospitals Group, said, "We have been eyeing the Mumbai market for quite some time. Now the time has come for a multi-specialty hospital in Mumbai."
He added that most of the background work for the new hospital has already been done. Reddy said that the chain has been planning the Mumbai project for some years, but could not get the right type of land for the project.
The Mumbai health market is huge and a complete clinic is needed to compete against the many world-class hospitals already here, he pointed out. Reddy said that his company was not in a hurry and would go for an ideal location, not too close to other hospitals.
A feasibility study has also been launched in Surat and Vadodara for the group's second hospital in Gujarat. Many non-resident Indian Gujaratis have been visiting Gujarat for surgery and medical treatment thereby creating a huge market for healthcare in Gujarat.
Gujarat is a low-cost quality destination for healthcare. The Apollo Ahmedabad clinic is getting many patients from the UK and the US.
Reddy said that Apollo's main focus is on the huge cosmetic surgery market and as nearly 30,000-40,000 cosmetic surgeries are being done at its hospitals.
More and more men are now opting for cosmetic surgery, the fastest growing segment with a growth rate of 100-300 per cent.
Alex Kuruvilla, chief executive officer of the Apollo Hospitals, Ahmedabad, said that there was a great demand for quality healthcare service in the state.
Adding that the Gujaratis spread across the world have an idea about good healthcare, and a promise of quality healthcare service available in Gujarat is resulting in a lot of them coming to Ahmedabad.
Apollo has made big investment in its Ahmedabad facility and has already recovered almost half of the investment. The company owns 16 hospitals and manages another 24 in India as well as in Sri Lanka, Bangladesh, West Asia and Africa, with a total bed capacity of over 5,000.
The hospital has a network of 206 retail pharmacies in India. It also provides healthcare management consulting services. The company, recently raised $65 million equity through a global depository receipt issue, the proceeds of which would be used to promote domestic and regional growth, said Kuruvilla.