Apollo Hospitals Enterprise Ltd has appointed an investment banker to advise the company on the situation unfolding in its Sri Lankan joint venture, Lanka Hospitals Corporation, where the Sri Lankan partner appears to be preparing to bid for a majority stake.

Disclosing this information, a senior official of Apollo declined to name the investment banker. The source said that Apollo's Board of directors had formed a committee "to review the situation and take appropriate action".

"We will have a better idea (of the counter strategy) by Friday," the official said. Last week, Sri Lankan Insurance Corporation (SLIC), owned by a prominent businessman, Mr D.H.S. Jayawardene, raised its stake in Lanka Hospitals Corporation (which runs the Apollo Hospital in Colombo) by 15 per cent by buying out another shareholder.

Taken from Business Line

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