The Kanwar family, promoters of tyre major Apollo Tyres Ltd [Get Quote], is foraying into the healthcare delivery business, with the launch of Artemis Health Sciences, a multi-speciality hospital in Gurgaon, with a capacity of 500 beds.

The hospital, to be called Artemis Health Institute, will be ready in 15 to 18 months and will have an initial capacity of 212 beds built at a cost of Rs 150-200 crore (Rs 1.5-2 billion).

According to an Apollo Group spokesperson, the new venture is expected to break even in the three years of commencing operations. The total project cost is expected to be around Rs 250 crore (Rs 2.5 billion), when the second phase of expansion is completed.

The hospital will be managed by a listed company, PTL Enterprises Ltd [Get Quote] (formerly Premier Tyres Ltd), which is partly owned by Apollo Tyres, the Kerala Government and Indian public. Apollo Tyres is the majority shareholder with a 71 per cent stake in PTL Enterprises.

The multi-speciality hosptial would provide services in the field of oncology (cancer), cardio-vascular diseases and orthopetics. Upon completing the second phase, Artemis Health Institute will employ close to 600 people.

Details of the number of doctors and surgeons to be employed by Artemis is not available yet. The services offered from this new hospital will address premium clientele.