STOCKHOLM, Sweden, July 20, 2005 (PRIMEZONE) -- Apollo Consulting Services, the consulting arm of the Apollo Hospitals group and Medicover Group, have signed an agreement to explore the development of a pioneering full scale private hospital in Warsaw, Poland.
Medicover is planning to develop the private hospital market in Poland and is exploring the feasibility to develop a first pilot project in Warsaw, building a hospital offering 200 beds in two phases. Apollo Consulting Services will provide consulting support during the feasibility and planning stages and later construction stage of the project and operational support.
The Apollo Hospitals Group is Asia's largest integrated healthcare service provider and the largest Hospital Consultancy Services provider outside the USA. It is currently managing more than 6500 hospital beds across 40 hospitals and providing healthcare support services in the areas of healthcare projects consulting, Hospital information technology solutions and Medical business process outsourcing(m BPO) across markets in Asia, Africa, Europe and North America, employing more than 15,000 people. Its' shares are traded on the National Stock Exchange of India (APOLLOHOSP) and the Bombay Stock Exchange (508869). The Apollo group recently raised US$ 65 Million through GDR's to be listed on the Luxemburg Stock Exchange.
Medicover is the leading private healthcare service company in Central and Eastern Europe, with activities in Poland, Hungary, Czech Republic, Estonia and Romania. Medicover provides healthcare to corporations, individuals and organizations through a network of company operated clinics and a contracted network of specialist and in-patient facilities to over 6,000 client companies and more than 150,000 individuals. Medicover also operates a laboratory diagnostics service in Poland and Romania. Medicover had revenue of Euro 42.9 million in 2004. The company is quoted on the Stockholm Stock Exchange, symbol MCOV. Medicover has on 30 June successfully closed a rights issue of Euro 11.7 million to provide the capital needed to fund the hospital.
John Punnoose, Chief Executive Officer of Apollo Consulting Services commented, "High quality healthcare models that Apollo has perfected over the last two decade are the virtues that the global healthcare organizations are trying to replicate. Increasing number of healthcare organizations is turning to Apollo to get the formula right -- Healthcare of International standards with a Human touch at affordable costs."
Fredrik Ragmark, Managing Director of Medicover Holding added, "We see the development of high quality in-patient care services as a very important step in further strengthening our business model and meeting the evolving expectations of our customers. We believe the Apollo Group will be an excellent partner in realizing our plans. They have significant operating and consulting experience in similar markets and conditions and will help ensure Medicover can provide world beating levels of hospital care to our customers in Warsaw and Poland."
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