New Delhi, Oct 5 (PTI) Apollo Hospitals Enterprise Ltd on Wednesday said it has acquired a 60 per cent stake in leading classical Ayurveda hospital chain AyurVAID for a consideration of Rs 26.4 crore.

The investment will be used to upgrade existing centres, set up new centres, strengthen enterprise platforms, and for digital health initiatives, the healthcare major said in a regulatory filing.

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Beginning with a revenue estimate of over Rs 15 crore for FY23 for AyurVaid, the target is to achieve Rs 100 crore in the next three years, it added.

"We believe there is immense scope to deliver evidence-based integrated medicine, combining allopathic and traditional models, to improve outcomes and quality of life for our patients. This will be a transformational journey, which will lead to the evolution of care models in India and around the world," Apollo Hospitals Enterprise Chairman Prathap C Reddy stated.

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The Apollo-AyurVAID partnership will be a beacon of hope not just for Indian citizens, but for medical value travellers from around the world, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)